Layoffs Update: The bank employing a large number of employees has made preparations to lay off the employees. There will be retrenchment of employees from different divisions.
Layoffs in Banking Sector: Due to the fear of recession, tech companies have already shown the way out to many employees. Many sectors of America have also been affected by this. A serious crisis has loomed over the American banking sector. Meanwhile, America’s largest lender JP Morgan Chase has prepared to lay off 500 employees.
According to CNBC and Reuters reports, several divisions of JPMorgan are going to be laid off, including consumer banking, commercial banking, asset and wealth management and technology sectors. The decision of retrenchment has been taken by the bank according to the operational and market conditions.
Large number of job opportunities
According to the report, even after the current retrenchment decision, a large number of employees are working in the company. It has been told in the report that at present more than 13 thousand job opportunities are available in this bank. Can focus on finding new talent. JP Morgan has not commented on the layoffs.
Retrenchment of First Republic Bank employees too?
Another report states that JP Morgan is also reducing the workforce of First Republic Bank. Please tell that JP Morgan had acquired First Republic Bank after its failure. First Republic Bank was the biggest banking crisis since the 2008 financial crisis. About 1 thousand employees of First Republic Bank are expected to be affected by these layoffs.
JP Morgan has about 3 lakh employees
It was informed in the filing that at the end of the first quarter, JP Morgan had a total of 296,877 employees in its workforce, which was 8 percent more than the previous year. After the current retrenchment, this figure reflects the continuous growth of the bank in the last one year.
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