JPMorgan Chase Begins Layoffs, with More to Come in 2025.
New York, February 12, 2025 – JPMorgan Chase, the largest U.S. bank by assets, has initiated a series of layoffs that are expected to continue throughout 2025. The bank began informing employees of job cuts last week, with fewer than 1,000 employees being laid off in February. More cuts are anticipated in mid-March, May, June, August, and September.
The layoffs are part of JPMorgan’s regular business management and are aimed at adjusting staffing according to the bank’s evolving needs. Despite the layoffs, JPMorgan still has 14,000 open positions and continues to hire in many areas. The bank had 317,233 employees at the end of 2024, and it remains committed to redeploying impacted employees wherever possible.
This move comes after JPMorgan reported its highest-ever annual profit in 2024, driven by a rebound in dealmaking and trading activities. The improved operating environment for the banking sector has allowed JPMorgan to achieve record profits, even as some companies remain cautious due to economic policy uncertainties.
Industry executives have expressed optimism about market activity picking up this year, with JPMorgan’s investment banking fee growing by a mid-teens percentage in the first quarter. Chief Operating Officer Jennifer Piepszak highlighted the bank’s positive outlook, noting that clients’ economic optimism is driving growth.
The layoffs have sparked discussions about the impact on employees and the broader implications for the banking sector. While JPMorgan’s decision to reduce its workforce is seen as a strategic move, it also underscores the challenges faced by employees in an ever-changing economic landscape.
As JPMorgan continues to navigate these changes, the bank remains focused on maintaining its position as a leading financial institution. The layoffs are part of a broader strategy to ensure the bank’s long-term success and adaptability in a competitive market.
