https://www.chron.com/texas/article/jpmorgan-chase-layoffs-plano-texas-22320323.php
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An investment banking giant has announced layoffs impacting nearly 250 employees in North Texas.
JPMorgan Chase & Co. is closing a call center and laying off 244 employees at its Plano campus—one the company's largest employment hubs, according to a Worker Adjustment and Retraining Notification (WARN) Notice recently filed with the Texas Workforce Commission. Layoffs will take effect on Aug. 21.
"We are committed to Plano and have more than 12,500 employees working there with more than 800 open positions," JPMorgan Chase told Chron in a statement on Thursday. "This impacts a small operations team that we are consolidating to our larger existing Operations locations."
The cuts represent about two percent of the 12,000 employee headcount at the company's Plano campus, according to the Dallas Business Journal. Impacted employees will be eligible for severance benefits and some may qualify for relocation assistance, according to WFAA.
JPMorgan Chase & Co. currently operates from 8181 Communications Pkwy in Plano within the Legacy West development.
"We regularly review our business needs and adjust our staffing accordingly—creating new roles where we see the need or reducing positions when appropriate," the bank said in its statement. "We continue to hire in many other areas and work hard to redeploy impacted employees."
JPMorgan Chase & Co. remains the largest investment bank in the world and recently ranked as the largest among the top 100 public companies globally for the fourth consecutive year, according to Forbes. Headquartered in New York, the company employs more than 300,000 people worldwide in more than 100 countries.
Thursday morning, the company named Doug Petno and Troy Rohrbaugh co-presidents after the retirement of longtime executive Marianne Lake, according to a company news release.