JPMorgan Chase cut about 500 tech and ops jobs

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JPMorgan Chase & Co. headquarters in New York, US, on Wednesday, Jan. 18, 2023.

Gabby Jones | Bloomberg | Getty Images

JPMorgan Chase cut about 500 positions this week, mostly among technology and operations groups, according to people with knowledge of the move.

The cuts were spread across the New York-based firm’s main divisions of retail and commercial banking, asset and wealth management and its corporate and investment bank, said the people, who declined to be identified speaking about personnel matters.

Like many financial firms, JPMorgan periodically trims staff during the year, even as it hires thousands more workers to fill roles. The bank has about 13,000 open positions, said one of the people.

Under CEO Jamie Dimon, JPMorgan has been in growth mode as of late, most recently by acquiring failed regional bank First Republic in a government-brokered deal. This week, JPMorgan offered positions to about 85% of First Republic’s roughly 7,000 workers.

JPMorgan had 296,877 employees as of March 31, 8% higher than a year earlier.

The bank declined to comment about its personnel decisions.