July 12, 2023 – JPMorgan Chase revealed plans to terminate a number of positions in its Jersey City, New Jersey, branch.
The planned layoffs are scheduled to occur in September, according to the notice. As the biggest U.S. lender, JPMorgan’s workforce totaled 296,877 at the close of the first quarter, marking an 8% year-on-year increase.
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JPMorgan commented that the layoffs “affect only a minor proportion of local workers, and efforts are underway to reallocate these employees. Our approach remains unchanged, and we manage the company with the goal of investing across various cycles. We’re building for the long term and will persistently invest in recruitment, training, and technology”. The bank further added that the 63 layoffs are part of a routine revision.
Nearly 300,000 positions is hardly a “minor proportion” if you are one of the 300,000.
The attorneys at Sallah Astarita & Cox, LLC are former SEC Staff Attorneys and brokerage firm counsel, with over 100 years of collective experience. If you have received a subpoena from the SEC, a document request from FINRA, or have a dispute with a brokerage firm, call 212-509-6544 for a free consultation. The firm represents investors and financial professionals nationwide.
