JPMorgan Begins Layoffs, Plans Further Cuts Throughout 2025
JPMorgan Chase (JPM) has commenced job cuts, with managers informing employees last week, as part of a series of planned layoffs that will continue through 2025, according to a report by Barron's.
Citing anonymous sources, Barron's states that less than 1,000 employees will be affected by the initial wave of layoffs in February. The bank is expected to announce additional job cuts in mid-March, May, June, August, and September.
"We regularly review our business needs and adjust our staffing accordingly," a bank spokesperson acknowledged in a statement to Reuters. "We continue to hire in many areas and work hard to redeploy impacted employees ... This is part of our regular management of the business and impacts a very small number of employees."
As of the end of 2024, JPMorgan employed 317,233 people. Despite the layoffs, the bank continues to be profitable, reporting record annual profits in January due to increased activity in dealmaking and trading in the fourth quarter.
Industry experts remain optimistic despite ongoing economic and regulatory policy changes announced by the Trump administration.