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JPMorgan Chase & Co (NYSE: JPM) To Lay Off 500 Jobs This Week


JPMorgan Chase & Co (NYSE: JPM) inches up in pre trading session on Tuesday as the company is laying off around 500 employees this week across its many departments, according to Reuter.

The layoffs would affect personnel throughout the bank’s key sectors, including consumer, commercial banking, asset and wealth management, as well as technology and operations. JPMorgan is the largest lender in the United States. According to the source, the bank now has over 13,000 employment opportunities. JPMorgan did not respond to a request for comment.

JPMorgan said on Thursday that it was firing off over 1,000 First Republic Bank staff after acquiring the bankrupt bank earlier this month. After being seized by authorities and sold to JPMorgan in early May, First Republic became the largest U.S. lender to collapse since 2008.

According to a filing, JPMorgan’s personnel was at 296,877 at the end of the first quarter, up 8% from the previous year. The job layoffs were initially reported by CNBC.

JPMorgan Chase, a Dow Jones financial heavyweight, wants a piece of the artificial intelligence action that’s sweeping Wall Street. CNBC reported late Thursday that the New York-based bank is creating a ChatGPT-like software program to deliver investing and stock selection advice to consumers. Following the announcement, JPM shares rose slightly in premarket trading on Friday.

According to a bank filing, JPMorgan (JPM) submitted an application for a product named IndexGPT on May 11. According to the statement, IndexGPT would use “cloud computing software with artificial intelligence” for “analyzing and selecting securities tailored to customer needs.”

A “Generative Pre-trained Transformer” language model will be used by JPMorgan’s AI. The filing did not state if the model was the same as the one used by OpenAI’s ChatGPT service.

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