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JPMorgan Chase to cut 500 jobs across main businesses

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JPMorgan said it is planning to take deposits and offer payments processing to wholesale banking clients from the Abu Dhabi Global Market

JPMorgan Chase & Co. is cutting about 500 employees this week across its various departments, according to a person familiar with the situation who asked not to be identified discussing personnel matters.

The layoffs will affect employees across the bank’s main businesses — consumer, commercial banking, asset and wealth management — as well as technology and operations, the source said. JPMorgan is the largest US lender.

There are more than 13,000 current job openings at the bank, the source added.

JPMorgan declined to comment.

On Thursday, a JPMorgan source said the lender was laying off nearly 1,000 First Republic Bank employees after acquiring the failed bank earlier this month.

First Republic became the largest US lender to fail since 2008 after it was seized by regulators and sold to JPMorgan in early May.

JPMorgan’s workforce stood at 296,877 at the end of the first quarter, up eight percent from a year earlier, according to a filing.