Article

2023-05-27 Economy

JPMorgan reportedly slashed close to 500 companywide jobs this week

[NYPOST] JPMorgan Chase is 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. JPMorgan is the largest US lender.

There are more than 13,000 current job openings at the bank, the source added.

JPMorgan declined to comment.

On Thursday, a JPMorgan source said the lender was laying off nearly 1,000 First Republic Bank employees after acquiring the failed bank earlier this month.

First Republic became the largest US lender to fail since 2008 after it was seized by regulators and sold to JPMorgan in early May.

Posted by Fred 2023-05-27 00:00|| || Front Page|| [16 views ] Top

#1 The fruit of acquisition is layoff.

Posted by Super Hose 2023-05-27 07:17|| 2023-05-27 07:17|| Front Page Top

#2 ^^^Exactly right. I worked on a couple of acquisitions in my career, and the pressure to achieve cost savings in order to justify the price paid for the acquired company is intense.

Posted by Tom 2023-05-27 11:33|| 2023-05-27 11:33|| Front Page Top

#3 1,000 First Republic Bank employees after acquiring the failed bank earlier this month

Nuff said.

Posted by DooDahMan 2023-05-27 11:36|| 2023-05-27 11:36|| Front Page Top

#4 First Republic's $35M banker outearned JPMorgan's Dimon before bust

Posted by M. Murcek 2023-05-27 11:39|| 2023-05-27 11:39|| Front Page Top

#5 And funny how we haven't heard a peep about those company execs at Silicon Valley bank who were selling shares a few weeks before its collapse. Nothing like insider trading. But given their political [woke] connections, figure the odds of anything happening.

Posted by DooDahMan 2023-05-27 11:45|| 2023-05-27 11:45|| Front Page Top

#6 First Republic, Silicon Valley, PacWest (in big trouble) and (albeit for different reasons), Silvergate. All California banks and all under the purview of the Federal Reserve's San Francisco bank. Oh, and who is a former president of the Fed's bank in San Fran? One Janet Yellen.

It's not about banking and risk management (Signature Bank in New York). It's trying to be the most woke and buddying up with rich woke friends such as whiny bitch Bill Ackman.

There might be a few smelly rats at Stanford Univ. as well.

Posted by DooDahMan 2023-05-27 12:03|| 2023-05-27 12:03|| Front Page Top

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