Key points
- JPMorgan to lay off 63 employees in Jersey City, works to redeploy them
- Shares up 9.9% year-to-date after 2022 drop
According to a Worker Adjustment and Retraining Notification issued Tuesday, JPMorgan Chase, the largest US lender, intends to lay off 63 employees in Jersey City, New Jersey.
The reductions are expected to be carried out in September, the bank said.
“This impacts a small number of local employees and we are working hard to redeploy them. Our strategy has not changed and we run the company to invest through the cycle. We are building for the long-term and will continue to invest in recruiting, training and technology,” the Wall Street bank said in a statement.
JPMorgan Chase has 560 job positions open in New Jersey and it said it was looking to redeploy the employees affected by the reductions.
According to a filing, JPMorgan had 296,877 people employed with it at the end of the first quarter.
The shares of JPMorgan Chase & Co (JPM) closed 1.56% ($2.27) higher at $147.42 in New York on Tuesday, while extending gains from the previous two trading sessions.
The financial group’s total market cap now stands at $437.541 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 9.93% so far this year.
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