According to a report by Reuters, citing an unidentified knowledgeable source, JPMorgan Chase & Co intends to lay off about 500 employees this month across a number of its divisions.
The layoffs are expected to affect people employed across JPMorgan’s main businesses – consumer, commercial banking, asset and wealth management, along with technology and operations.
According to the source, there are over 13,000 current job openings at the largest US lender.
As of the end of the first quarter, the bank’s workforce stood at 296,877, or an increase of 8% compared to a year ago, a JPMorgan filing showed.
The shares of JPMorgan Chase & Co (JPM) closed 0.94% ($1.27) higher at $136.94 in New York on Friday, while extending gains from the previous trading session.
The financial group’s total market cap now stands at $400.178 billion.
The shares of JPMorgan Chase & Co went down 15.31% in 2022, compared with a 19.44% loss for the benchmark index, S&P 500 (SPX).
The US lender’s shares have risen 2.12% so far this year.
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