JPMorgan Chase has laid off about 500 people, most of them in working in technology and operations groups, according to CNBC.
The cuts came last week in retail and commercial banking, asset and wealth management and JPMorgan's corporate and investment bank, says CNBC, citing sources.
Despite the cuts, JPMorgan has around 13,000 open positions and has just offered jobs to the vast majority of recently acquired First Republic's 7000-strong workforce.
The bank has been a heavy investor in its technology operations, with CEO Jamie Dimon last year coming under fire from shareholders for failing to provide enough detail about the bank's mammoth tech spending plans.