JPMorgan slashing 500 jobs, tech and operations roles affected

Despite 13,000 job openings, JPMorgan Chase (JPMorgan) has reportedly trimmed its headcount.

Sources tell news outlets, including CNBC, that the U.S. bank cut approximately 500 jobs this week — mostly affecting technology and operations roles.

The reduction comes after JPMorgan informed roughly 1,000 employees at First Republic Bank that they are being let go.

While sources didn’t provide a reason for the latest round of layoffs, it’s not uncommon for U.S. lenders to periodically trim staff during the year — even as they hire more workers to fill roles.

According to a company filing, JPMorgan employed a total workforce of more than 296,000 people at the end of the first quarter.

Impact on Canadian staff

It remains unclear how many Canadian employees are affected by the latest round of cuts at JPMorgan.

The bank claims on its website that it has more than 500 workers across the country — with dedicated teams in Vancouver, Calgary, Toronto, and Montreal.

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