JPMorgan Chase’s managers started notifying staff of job cuts final week as a part of a collection of layoffs the financial institution plans to make all through 2025, Barron’s reported Wednesday, citing individuals conversant in the matter.
Fewer than 1,000 staff are going to be laid off in February, the report stated, including that the financial institution is planning to announce extra cuts in mid-March, Might, June, August and September.
“We regularly review our business needs and adjust our staffing accordingly,” a spokesperson for the financial institution stated in an emailed assertion 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.”
JPMorgan had 317,233 staff as of end-2024, it stated final month.
In January, the most important US financial institution reported a file annual revenue as its dealmakers and merchants reaped a windfall from rebounding markets within the fourth quarter.
Wall Avenue income have surged in current months as dealmaking and fundraising actions rebounded towards the backdrop of a powerful US economic system.
Business executives have stayed bullish even because the Trump administration introduced a slew of financial and regulatory coverage shifts that fueled uncertainty.
