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 is the largest US lender.JPMorgan declined to comment. On Thursday, a JPMorgan source said the lender was laying off nearly 1,000 First Republic Bank employees 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 stood at 296,877 at the end of the first quarter, up eight per cent from a year earlier, according to a filing.
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