According to insiders, JPMorgan Chase has recently made the decision to cut approximately 500 positions. The majority of these cuts were made within the technology and operations groups of the company. The job cuts were spread across the firm’s main divisions, which include retail and commercial banking, asset and wealth management, and corporate and investment banking.
Despite the recent cuts, JPMorgan Chase still has around 13,000 open positions available. The company has a history of periodically trimming its staff during the year.
Although JPMorgan has been expanding its operations, such as by acquiring First Republic in a government-brokered deal, it has also notified nearly 1,000 employees of First Republic Bank that they will not be given jobs, even temporarily, following the takeover.
In addition to the cuts made in the technology and operations groups, JPMorgan has also cut some jobs within the investment bank.
JPMorgan Chase & Co. (JPM) Stock Performance and Analysis on May 26, 2023
JPMorgan Chase & Co. (JPM) had a positive start to the trading day on May 26, 2023, opening at 135.99 and closing at 137.16, an increase of 1.01% from the previous day’s close. The trading volume for JPM on May 26, 2023, was 3,953,519, and the market cap was $406.7B. JPM’s earnings growth for the current year was +19.87%, and the revenue growth for the last year was +24.82%. JPM’s stock is undervalued compared to its peers in the major banks industry. JPM’s competitors, Bank of America (BAC), Wells Fargo (WFC), and HSBC (HSBC), also had positive performances on May 26, 2023. JPM’s next reporting date is July 14, 2023, with an EPS forecast of $3.96 for the quarter. JPM belongs to the finance sector and operates in the major banks industry.
JPMorgan Chase & Co Stock Surges with Optimistic Investor Outlook and Impressive Performance
On May 26, JPMorgan Chase & Co (JPM) stock performed well, with a closing price of $137.54. The current consensus among 26 polled investment analysts is to buy stock in JPMorgan Chase & Co. This indicates that investors are optimistic about the future performance of JPM stock. The company is set to report its earnings on July 14, 2023. JPM stock has a five-year return of 94.44% and a market capitalization of $447.87 billion.
Discussion about this post