J.P. Morgan Chase & Co. has begun layoffs that are expected to total more than 5,000 by next year, people familiar with the matter said. This latest phase of cuts started earlier this year and would eliminate at least 2% of the bank’s JPM, -0.41% workforce over the next year.
The moves come as the nation’s largest bank overhauls its 5,570 branches to rely more on technology and less on human tellers. Chairman and Chief Executive James Dimon said Wednesday that the average J.P. Morgan Chase branch would lose one employee over the next two years, mostly through attrition.
The layoffs on the other hand are more broad-based, affecting all four of the bank’s major business units: corporate and investment banking, consumer and community banking, asset management and commercial banking. FULL REPORT