JPMorgan Chase & Co. has begun layoffs 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 percent of the bank’s 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 the average 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 of the bank’s major business units: corporate and investment banking, consumer and community banking, asset management and commercial banking. Some employees in legal or compliance will also be affected as the bank trims departments that have grown over the past few years, people familiar with the matter said.
