Apparently employees across the board should gird their loins.
J.P. Morgan Chase & Co. has begun layoffs that are 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% of the bank’s workforce over the next year. 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.