Oracle Stock Slides After Blue Owl Exit Report, Company Says Michigan Data Center Talks Remain on Track 
noyb Files GDPR Complaints Against TikTok, Grindr, and AppsFlyer Over Alleged Illegal Data Tracking. 
Robinhood Expands Sports Event Contracts With Player Performance Wagers 
FedEx Beats Q2 Earnings Expectations, Raises Full-Year Outlook Despite Stock Dip 
Republicans Raise National Security Concerns Over Intel’s Testing of China-Linked Chipmaking Tools 
Austan Goolsbee Signals Potential for More Fed Rate Cuts as Inflation Shows Improvement 
Treasury Wine Estates Shares Plunge on Earnings Warning Amid U.S. and China Weakness 
BoE Set to Cut Rates as UK Inflation Slows, but Further Easing Likely Limited 
Asian Fund Managers Turn More Optimistic on Growth but Curb Equity Return Expectations: BofA Survey 
MetaX IPO Soars as China’s AI Chip Stocks Ignite Investor Frenzy 
Amazon in Talks to Invest $10 Billion in OpenAI as AI Firm Eyes $1 Trillion IPO Valuation 
Asian Stocks Edge Higher as Tech Recovers, U.S. Economic Uncertainty Caps Gains 
Micron Technology Forecasts Surge in Revenue and Earnings on AI-Driven Memory Demand 
Nike Shares Slide as Margins Fall Again Amid China Slump and Costly Turnaround 
Harris Associates Open to Revised Paramount Skydance Bid for Warner Bros Discovery 
Japan Inflation Holds Firm in November as BOJ Nears Key Rate Hike Decision 
ANZ New CEO Forgoes Bonus After Shareholders Reject Executive Pay Report 
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
