SoftBank Shares Slide as Oracle’s AI Spending Plans Fuel Market Jitters 
Fed Rate Cut Signals Balance Between Inflation and Jobs, Says Mary Daly 
Australia’s Labour Market Weakens as November Employment Drops Sharply 
Apple App Store Injunction Largely Upheld as Appeals Court Rules on Epic Games Case 
Japan Business Sentiment Hits Four-Year High, Boosting Expectations of BOJ Rate Hike 
Nvidia Weighs Expanding H200 AI Chip Production as China Demand Surges 
South Korea Extends Bond Market Stabilization Measures Amid Rising Financial Risks 
Gold Prices Dip as Markets Absorb Dovish Fed Outlook; Silver Eases After Record High 
Oil Prices Rebound in Asia as Venezuela Sanctions Risks Offset Ukraine Peace Hopes 
S&P 500 Slides as AI Chip Stocks Tumble, Cooling Tech Rally 
Fortescue Expands Copper Portfolio With Full Takeover of Alta Copper 
Modi and Trump Hold Phone Call as India Seeks Relief From U.S. Tariffs Over Russian Oil Trade 
Korea Zinc Plans $6.78 Billion U.S. Smelter Investment With Government Partnership 
United Airlines Tokyo-Bound Flight Returns to Dulles After Engine Failure 
United Airlines Flight to Tokyo Returns to Dulles After Engine Failure During Takeoff 
Coca-Cola’s Costa Coffee Sale Faces Uncertainty as Talks With TDR Capital Hit Snag 
Azul Airlines Wins Court Approval for $2 Billion Debt Restructuring and New Capital Raise 
JPMorgan Chase & Co., the U.S. banking titan, is poised to reduce its workforce by approximately 500 employees, impacting several business sectors across the firm. This sweeping move isn't indiscriminate, however; tech and operations divisions are bracing for a more pronounced impact as they bear the brunt of this strategic streamlining.
Times of India noted that with this decision, JP Morgan Chase & Co. would be the latest major company to join the list of ongoing tech layoffs across the United States. The other business units that are set to lose some employees include the bank's consumer, asset and wealth management, and commercial banking.
It was reported that a source from JPMorgan revealed that the company is reducing its workforce and will also terminate about 1,000 staff of First Republic Bank, which it acquired earlier this month.
Moreover, it was explained that just like other financial companies, JPMorgan also conducts reviews, and these regular job cuts throughout the year are normal. The reviews are done for the company to continue improving its business.
As a result, some workers are let go, and the bank hires new workers for business areas that need improvements. In fact, JPMorgan Chase recently posted over 13,000 job openings, even if it already employs almost 300,000 worldwide.
In any case, JPMorgan Chase's latest job cuts come not long after it was reported that it would lay off 1,000 employees from its First Republic Bank subsidiary. As per BBC News, the company will compensate the affected employees.
They will still receive their pay and benefits for 60 days plus a package with a lump sum payment and other applicable perks. JPMorgan Chase also assured that it would provide assistance so they can find new jobs within or outside of the company.
"Since our acquisition of First Republic on May 1, we've been transparent with their employees and kept our promise to update them on their employment status within 30 days," the bank's spokesman said in a statement. "We recognize that they have been under stress and uncertainty since March and hope that today will bring clarity and closure," the spokesperson added.
Photo by: Precious Madubuike/Unsplash
