A spokesperson for JPMorgan Chase told CNN on Friday that the bank is firing about 500 people this week (local time).
JPMorgan said that the layoffs, which were first reported by CNBC, will affect the whole company but will focus mostly on technology and operations.
A spokesperson for JPMorgan said that the company always looks at its business and customer needs and keeps hiring in other areas.
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There are more than 13,000 job openings at the bank, which employs almost 300,000 people.
The news comes just one day after JPMorgan told about 1,000 people who worked at First Republic Bank that they would no longer have jobs.
CNN Business says that earlier this month, the government took over First Republic, a regional bank based in San Francisco, and bought most of its assets from JPMorgan.
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It was the second biggest bank to fail in the US.
