ALBAWABA - A spokesperson for JPMorgan Chase said that the bank would be laying off around 500 employees during the current week.
This is the first revelation of JPMorgan's employee layoffs, with the bank stating that it would mainly focus on its technology and operations departments. This comes just one day after JPMorgan announced the dismissal of a thousand employees at First Republic Bank.
JPMorgan had recently acquired a majority of First Republic Bank following the government's takeover of the regional bank in San Francisco, which was the second-largest bank failure in U.S. history.
In response, a spokesperson for JPMorgan stated that the bank regularly reviews its operations and client needs, while continuing to hire in other areas. The bank has over 13,000 job opportunities and employs around 300,000 people.
