Approximately 500 JP Morgan Chase employees will be let go this week across the bank, a spokesperson revealed.
The company-wide reductions would be concentrated primarily in technology and operations, according to JPMorgan.
According to a JPMorgan representative, the company continues to hire in other sectors while also reviewing its business and client needs on a regular basis.
The bank employs close to 300,000 employees and has about 13,000 unfilled positions.
Just one day prior, JP Morgan had informed around 1,000 First Republic Bank workers that their jobs would be eliminated.
After the government seized the regional bank with headquarters in San Francisco, PMorgan purchased the majority of First Republic’s assets earlier this month.
As far as bank failures go, it was the second-largest in US history.