JPMorgan cutting about 500 jobs this week -source By Reuters

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JPMorgan cutting about 500 jobs this week -source

Published May 26, 2023 02:29PM ET Updated May 26, 2023 08:21PM ET

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JPMorgan cutting about 500 jobs this week -source

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(Reuters) -JPMorgan Chase & Co is cutting about 500 employees this week across its various departments, according to a person familiar with the situation who asked not to be identified discussing personnel matters.

The layoffs will affect employees across the bank's main businesses -- consumer, commercial banking, asset and wealth management -- as well as technology and operations, the source said. JPMorgan (NYSE:JPM) is the largest U.S. lender.

There are more than 13,000 current job openings at the bank, the source added.

JPMorgan declined to comment.

On Thursday, a JPMorgan source said the lender was laying off nearly 1,000 First Republic Bank (OTC:FRCB) employees after acquiring the failed bank earlier this month.

First Republic became the largest U.S. lender to fail since 2008 after it was seized by regulators and sold to JPMorgan in early May.

JPMorgan's workforce stood at 296,877 at the end of the first quarter, up 8% from a year earlier, according to a filing.

CNBC was the first to report on the job cuts.

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