Employment Law

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.

Major layoffs continue

The reduction at JPMorgan comes amid a flurry of layoffs in 2023.

Several major North American companies, including Meta, Shopify, LinkedIn, Hudson’s Bay, Morgan Stanley, and Accenture, are significantly scaling back their staffing levels as they continue to navigate challenging economic conditions.

Lyft CEO slashing jobs as ride-sharing company struggles
McDonald’s tells corporate staff to work remotely ahead of layoffs
• Layoffs in Canada

Termination agreements for JPMorgan employees

In Canada, non-unionized employees and senior executives at JPMorgan are owed full severance pay when they lose their jobs due to downsizing or corporate restructuring.

This includes individuals working full-time, part-time, or hourly in Ontario, Alberta, and B.C.

Severance can be as much as 24 months’ pay, depending on a number of factors.

Severance packages in mass layoffs
Rights to severance for provincially regulated employees
Severance pay in a recession 

WATCH: Employment lawyer Lior Samfiru explains why you are still owed severance if you have been downsized on an episode of the Employment Law Show.

Before you accept any severance offer, have an experienced employment lawyer at Samfiru Tumarkin LLP review it and your employment contract.

We can tell you if what you have been provided is fair and how to get proper compensation if it falls short of what you are actually owed.

If you aren’t given the full amount, which happens often, you have been wrongfully dismissed and are entitled to compensation.

In some cases, employers pressure staff into accepting poor severance packages, such as imposing a deadline for accepting the offer.

Non-unionized employees in Canada have up to two years from the date of their dismissal to pursue a claim for full severance pay.

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