JPMorgan plans to lay off 63 employees in Jersey City (updated)

First Republic Bank

11/07/2023 21:38

(Adds company comment, details, background in paragraphs 2, 3,
5-6)
       July 11 (Reuters) - JPMorgan Chase  JPM.N  plans to lay
off 63 employees in Jersey City, according to a Worker
Adjustment and Retraining Notification (WARN) issued on Tuesday.
    "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 is mandated by U.S. labor law and requires companies
with 100 or more employees to provide 60 days' advance
notification of plant closings and mass layoffs.
    In May, the bank had announced it was laying off 500
employees across various departments, it also laid off nearly
1,000 First Republic Bank 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.
  
    The job cuts at JPMorgan would take place in September,
according to the notice.

 (Reporting by Niket Nishant in Bengaluru and Nupur Anand in New
York; Editing by Shailesh Kuber and David Gregorio)
 ((Niket.Nishant@thomsonreuters.com;))