According to new information, JPMorgan is even planning job cuts in mid-March, May, June, August, and September.
Initial Round of Layoffs Begins
JPMorgan has initiated layoffs that are expected to impact fewer than 1,000 employees, according to a report by Barron’s.
The first wave of job cuts has affected several offices in Houston, with some employees being notified on February 5. However, this is just the beginning of a series of planned layoffs set to take place throughout the year.
More Job Cuts Expected in 2025
The bank is set to announce additional job reductions in mid-March, May, June, August, and September. While it remains unclear how many employees will be affected in total, the ongoing layoffs suggest a broader workforce restructuring effort.
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Company’s Justification for Layoffs
A JPMorgan spokesperson, confirming the news to Reuters, stated that the layoffs are part of the “regular management of the business.” The spokesperson also emphasized that the bank is still actively hiring, with approximately 14,000 open positions across various departments.
“We continue to hire in many areas and work hard to redeploy impacted employees,” the spokesperson added.
JPMorgan’s Financial Standing
Despite the layoffs, JPMorgan remains financially strong. The bank had 317,233 employees at the end of 2024 and reported record profits last year.
As the job cuts continue, the company’s ability to balance cost-cutting measures while maintaining its workforce will be closely watched by employees, investors, and analysts alike.