JPMorgan Chase CEO Jamie Dimon is addressing controversy over how and why some American citizens and businesses abruptly find themselves kicked out of the banking system.

Shares of JPMorgan Chase ( JPM -3.98%), the largest bank in the U.S. by assets, traded nearly 5% lower as of 10:52 a.m. ET. Shares of Wells Fargo ( WFC -4.84%) traded 6.5% lower at that time, while shares of Citigroup ( C -6.25%) were down 7.5%.

The cuts are part of what was previously reported, according to a spokesperson. Hundreds of open positions remain in New Jersey.

Bucking a broader trend across Corporate America, JPMorgan Chase (JPM) CEO Jamie Dimon says the largest U.S. bank will maintain its diversity,