Chase Bank lays off nearly 100 employees in San Francisco

(KRON) — JPMorgan Chase has laid off employees at one of its offices in San Francisco, according to a Worker Adjustment and Retraining Notification (WARN) notice.

Effective Wednesday, Aug. 27, Chase is letting go of 99 employees at its office building at One Front Street. The notice states these layoffs are “permanent.”

Chase sent a statement to KRON4 regarding the reason for the layoffs.

“We regularly review our business needs and adjust our staffing accordingly – creating new roles where we see the need or reducing positions when appropriate,” Chase said. “We continue to hire in many other areas and work hard to redeploy impacted employees.”

In April, JPMorgan Chase, headquartered in New York City, expanded its presence in San Francisco by leasing another 65,000 square feet for its other building at 560 Mission St. That building space expands to a total of nearly 280,000 square feet.

According to Chase, the company has nearly 7,000 employees in the Bay Area. About 3,500 of those work in San Francisco.

Earlier this month, hundreds of Bay Area jobs were cut at tech companies like Oracle and Intuitive Surgical Inc. Both rounds of layoffs are set to go into effect in October.