According to a report today from Bloomberg, JPMorgan Chase & Co. plans to lay off nearly 1,000 employees from its First Republic Bank unit.
The layoffs, which are expected to take effect by the end of April, will affect employees from the San Francisco-based bank’s operations, technology, and compliance teams.
A JPMorgan spokesman said the layoffs are in response to “changes in the banking environment” and the bank’s desire to “better position the company for growth.”
The layoffs come amid a period of transition for the banking industry as major banks adjust to digital transformation and new technologies. JPMorgan said that the layoffs would not impact its San Francisco-based banking workforce.