JPMorgan plans to lay off 63 employees in Jersey City
FILE PHOTO: A sign of JP Morgan Chase Bank is seen in front of their headquarters tower in Manhattan, New York, U.S., November 13, 2017. REUTERS/Amr Alfiky/File Photo
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By Nupur Anand
(Reuters) – JPMorgan Chase (NYSE:JPM) plans to lay off 63 employees in Jersey City, New Jersey, according to a Worker Adjustment and Retraining Notification (WARN) issued on Tuesday.
The job cuts will take place in September, according to the notice.
The total workforce of JPMorgan, the largest U.S. lender, stood at 296,877 at the end of the first quarter, up 8% from a year earlier, according to a filing.
“This impacts a small number of local employees and we are working hard to redeploy them. Our strategy has not changed and we run the company to invest through the cycle. We are building for the long-term and will continue to invest in recruiting, training and technology,” JPMorgan said in a statement, adding the layoffs were part of its regular review.
The bank said it has 560 positions open in New Jersey and is working on redeploying the ones affected by the job cuts. It deploys 12,000 people in New Jersey.
A WARN, which is mandated by U.S. labor law, requires companies with 100 or more employees to provide 60 days’ advance notification of plant closings and mass layoffs.
In May, JPMorgan was looking at laying off 500 employees across various departments. It also laid off nearly 1,000 First Republic Bank (OTC:FRCB) employees after it acquired the failed bank earlier this year.
The largest lender in the U.S. also cut nearly 40 investment banking jobs last month after a slump in dealmaking activity.
Rivals Goldman Sachs Group (NYSE:GS), Morgan Stanley (NYSE:MS) and Citigroup (NYSE:C) have also laid off investment bankers as uncertainty weighs on economic activity.
(This story has been corrected to clarify that the information about 500 layoffs was from a source, not from the bank, in paragraph 7)
