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JPMorgan is cutting about 500 jobs this week




May 26 (Reuters) – JPMorgan Chase & Co ( JPM.N ) is cutting about 500 jobs this week across its various divisions, according to a person familiar with the situation who asked not to be identified and discussed personnel matters.

The layoffs will affect employees across the bank̵[ads1]7;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.

There are more than 13,000 vacancies in the bank, the source added.

JPMorgan declined to comment.

On Thursday, a JPMorgan source said the lender laid off nearly 1,000 First Republic Bank employees after buying the failed bank earlier this month.

First Republic became the biggest US lender to fail since 2008 after it was seized by regulators and sold to JPMorgan in early May.

JPMorgan’s workforce was 296,877 at the end of the first quarter, up 8% from a year earlier, according to a filing.

CNBC was the first to report the job cuts.

Reporting by Nupur Anand in New York and Niket Nishant in Bengaluru; Editing by Devika Syamnath and David Gregorio

Our standards: Thomson Reuters Trust Principles.



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