JPMorgan Cuts 500 Additional Jobs Following New Layoffs
JPMorgan (NYSE:JPM) has cut 500 additional jobs following the new layoffs in First Republic Bank where more than 1,000 employees were notified of being let go.
Reuters reported on Friday that the bank was cutting about 500 employees this week across its various departments, according to a person familiar with the situation who asked not to be identified discussing personnel matters.
The layoffs will affect employees across the bank’s main businesses — consumer, commercial banking, asset and wealth management — as well as technology and operations, the source said.
There are more than 13,000 current job openings at the bank, the source added.
JPMorgan declined to comment.
Just a day prior to the 500 additional layoffs, JPMorgan said it was laying off 1,000 First Republic Bank employees.
“The cuts are a further blow to First Republic employees, who have already had a challenging two months.
Following the collapse of Silicon Valley Bank and Signature Bank in March, customers of First Republic withdrew tens of billions of dollars of deposits and the lender was ultimately shuttered by US regulators and sold over a weekend to JPMorgan,” said FT.
Within the next 30 days, JP Morgan will notify First Republic employees of their job status, and not everyone will be offered a position with the bank.
First Republic became the largest U.S. lender to fail since 2008 after it was seized by regulators and sold to JPMorgan in early May.
Read: Barclays CEO Says Banks Will Continue to Tank the Markets
Morgan Stanley Cuts 70 Dealmakers
Morgan Stanely (NYSE:MS) recently cut around 70 dealmakers in Europe; the latest round of layoffs to hit the Wall Street bank this week.
Managing directors within its investment banking and global capital markets teams in Europe, the Middle East and Africa were informed of job cut decision earlier this week on Monday according to people familiar with the matter.
At the senior level, approximately 10 managing director dealmakers were cut in the region, the people added.
In January, Morgan Stanley’s rival Goldman Sachs laid off more than 3,000 employees and cut executive salaries.
Around 50 dealmakers were hit by the job losses in Emea, FN reported.
The ongoing deal triggered several big banks to trim their workforce this year.
Bank layoffs are expected to continue throughout the year.
The US bank’s latest job cuts will hit 3,000 roles globally across most of its key divisions, as it embarks on its second round of redundancies within the space of six months, says FinancialNews London.
Read: NYC is Freezing New Bank Deposits at Capital One
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