JPMorgan Chase (JPM) is set to lay off approximately 5,000 of its employees as part of cost-cutting measures, the Wall St. Journal reported Thursday.
According to the WSJ report, the job cuts already began earlier this year and would represent at least 2% of bank’s staff.
From the WSJ report:
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. Some employees in the “controls” part of the bank, such as those in legal or compliance, will also be affected as the bank trims departments that have grown dramatically over the past few years, people familiar with the matter said.
It is unknown how many employees from each department are set to be laid off, but the WSJ report suggests that this round of layoffs may not lead to a decrease in overall employment, thanks to additional hiring in other areas.
Again, from the WSJ:
The layoffs won’t necessarily mean that overall head count at the bank will continue to fall. J.P. Morgan hires around 40,000 employees each year to fill open positions and add its post-college class of analysts, the person said. And the expected layoffs aren’t anticipated to be as high as last year’s when the bank cut 7,900 mortgage jobs and exited several businesses.