Jpmorgan: JPMorgan to layoff 500 employees: Key details – Times of India

JPMorgan and Chase is the latest company to join the list of ongoing tech layoffs. The largest US lender is planning to cut 500 jobs this week. The layoffs are expected to affect employees across departments.
As reported by Reuters, the upcoming layoffs at JPMorgan will affect employees across the bank’s main businesses — consumer, commercial banking, asset and wealth management — as well as technology and operations. However, the company has not yet released any official statement about the upcoming job cuts.
According to a source from JPMorgan, the bank is implementing workforce reductions that will affect approximately 1,000 employees of First Republic Bank, which was acquired by JPMorgan earlier this month. First Republic Bank‘s failure marked the largest collapse of a US lender since 2008, leading to its seizure by regulators and subsequent sale to JPMorgan in early May.
Similar to numerous financial institutions, JPMorgan engages in regular staff reductions throughout the year, while concurrently hiring thousands of individuals to fulfill various roles. According to the report, the bank currently has approximately 13,000 vacant positions.
Verizon recently announced job cuts
Meanwhile, US telecom carrier Verizon also announced that it is planning to layoff employees. Verizon recently informed its customer service division employees about an impending restructuring, as reported by The Verge. During a meeting involving 6,000 employees, the company discussed its intentions to initiate employee layoffs. However, it is possible that additional employees may be affected by this decision. The report further indicates that the roles most likely to be impacted by these changes include positions related to customer experience, loyalty, and technology.