JP Morgan layoffs are here! Weeks after giants like Morgan Stanley too, announced layoffs, largest US lender, JP Morgan Chase will reportedly begin layoffs this week.
According to Reuters and CNBC, JP Morgan layoffs are expected to leave close to 500 people without jobs. While the exact number is yet to be ascertained, these layoffs at JP Morgan will impact employees across departments including consumer banking, commercial banking, asset and wealth management, as well as technology and operations.
The reports add that the move of JP Morgan layoffs not just reflect the effects of a global economic downturn but also the company’s efforts in optimising its operations.
However, it must be noted that JP Morgan has not officially announced anything on the layoffs.
Some international media reports also suggest that as far as jobs at JP Morgan Chase go, there are several openings available, despite the announcement of layoffs. However, since the lender is reportedly getting more strategic about its growth and long-term objectives, the hiring is limited at the moment.
Other media reports also suggest that JP Morgan may be sacking people from First Republic Bank after its acquisition and the bank’s failure. If these layoffs go as reported, around 1,000 employees of First Republic Bank may lose jobs.
However, please note that JP Morgan Chase has not officially commented on any of these layoffs’ announcements. The information clubbed here is basis various international media reports. At a time when world economy is going through a rather difficult time, these layoffs are rampant across industries and companies.