JP Morgan Chase has reportedly axed around 500 jobs largely across its technology and operations teams.

CNBC revealed that the cuts would take place in a number of departments, including in its corporate and investment bank, its retail and commercial divisions, and across asset and wealth management.

The move follows a wave of job cuts across the financial services market this year, beginning with Goldman Sachs which announced it would let go of roughly 3,000 staff members in January.

Capital One said it would cut 1,100 tech roles, while PayPal also got rid of seven per cent of its workforce, or around 2,000 staff earlier this year.

In April, it was reported that Barclays would axe over 100 roles across its investment banking arm> Sources said that the round of layoffs, which follow a previous cull of around 200 staff late last year, would not be confined to a single country or function within the business.

JP Morgan recently shared how it is using AI and machine learning (ML), which it said will be “critical to its future success”, in its annual letter to shareholders.

The bank’s chief executive Jamie Dimon lauded AI as a “groundbreaking technology” and revealed that the bank currently has over 300 AI use cases in production which span risk, prospecting, marketing, customer experience and fraud prevention.

Dimon also shared that the bank currently has over 1,000 people involved in data management, with over 900 data scientists -- AI and machine learning (ML) experts who create new models -- and 600 ML engineers tasked with writing code and putting models in production.

Share Story: