JPMorgan cutting about 500 jobs this week

New York, May 27 (U.S.): JPMorgan Chase & Co. (JPM.N) is cutting about 500 employees this week across its various divisions, according to a person familiar with the situation who asked not to be identified discussing personnel matters.

The source said the layoffs will affect staff across all of the bank’s main businesses — consumer, commercial banking, asset and wealth management — as well as technology and operations. Reuters reports that JPMorgan is the largest bank in the United States.

The source added that there are more than 13,000 vacancies in the bank.

JPMorgan declined to comment.

A source at JPMorgan said Thursday that the bank has laid off nearly 1,000 employees at First Republic after acquiring the failed bank earlier this month.

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

JPMorgan’s workforce numbered 296,877 at the end of the first quarter, up 8% from a year earlier, according to one document.

CNBC was the first to report the job cuts.


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