The JPMorgan Chase manager began notifying employees of job cuts last week as part of a series of layoffs expected by the bank throughout 2025. Barron's reported On Wednesday, I quote people familiar with the issue.
Less than 1,000 employees will be fired in February, the report said, adding that the bank will announce more cuts in mid-March, June, August and September.
“We regularly review our business needs and coordinate staff accordingly,” a bank spokesman said in an email to Reuters.
“We continue to hire in many areas and work hard to redeploy the employees that have impacted them, which is part of the regular management of our business and is a very small number of people. It will affect employees.”
JPMorgan had 317,233 employees as of the end of 2024, the company said last month.
In January, the US's largest bank reported record yearly profits as subscribers and traders acquired pimples from the rebound market in the fourth quarter.
Wall Street profits have skyrocketed in recent months as trading and fundraising activities rebounded against the strong backdrop of the US economy.
Even as the Trump administration announces many economic and regulatory policy changes that drive uncertainty, industry executives remain bullish.
