July 11 (Reuters) – JPMorgan Chase (JPM.N) plans to lay off 63 workers in Jersey City, New Jersey, according to a Worker Adjustment and Retraining Notification (WARN) issued on Tuesday.
The job cuts will take place in September, according to the announcement.
The total workforce of JPMorgan, the largest lender in the US, was 296,877 at the end of the first quarter, up 8% from a year earlier, according to a filing.
“This impacts a small number of local employees and we are working hard to redeploy them. Our strategy has not changed and we are leading the company to invest throughout the cycle. We are building for the long term and will continue to investing in recruiting, training and technology,” JPMorgan said in a statement, adding that the layoffs were part of the regular review.
The bank said it has 560 job openings open in New Jersey and is working to realign those affected by the job cuts. It deploys 12,000 people in New Jersey.
A WARN, enforced by U.S. labor law, requires companies with 100 or more employees to give 60 days’ notice of plant closures and mass layoffs.
In May, JPMorgan considered laying off 500 employees in various departments. It also laid off nearly 1,000 First Republic Bank employees after acquiring the bankrupt bank earlier this year.
The largest lender in the US also cut nearly 40 investment banking jobs last month after a slump in dealmaking activity.
Rivals Goldman Sachs Group (GS.N), Morgan Stanley (MS.N) and Citigroup (CN) have also laid off investment bankers as uncertainty weighs on economic activity.
(This story has been corrected to clarify that the information about 500 layoffs came from a source, not the bank, in paragraph 7)
Reporting by Niket Nishant in Bengaluru and Nupur Anand in New York; Edited by Shailesh Kuber, David Gregorio and Leslie Adler
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