(Reuters) – JPMorgan Chase is planning to lay off 63 of its employees in Jersey City, according to a Worker Adjustment and Retraining Notification (WARN) issued on Tuesday.
The planned cuts come after months of a slowdown in dealmaking that has hurt several investment banks, prompting them to lay off thousands of employees.
A WARN is mandated by U.S. labor law and requires companies with 100 or more employees to provide 60 days’ advance notification of plant closings and mass layoffs.
The job cuts at JPMorgan would take place in September, according to the notice.
JPMorgan did not immediately respond to a Reuters request for comment.
(Reporting by Niket Nishant in Bengaluru; Editing by Shailesh Kuber)
