TechHR
ex
L&D
UNPLUGGED
Sphere
About Us • Contact Us
People Matters ANZ
People Matters Logo
Login / Signup
People Matters Logo
Login / Signup
  • Current
  • Top Stories
  • News
  • Magazine
  • Research
  • Events
  • Videos
  • Webinars
  • Podcast

© Copyright People Matters Media Pte. Ltd. All Rights Reserved.

 

 

  • HotTopic
    HR Folk Talk FutureProofHR
  • Strategy
    Leadership Csuite StrategicHR EmployeeRelations BigInterview
  • Recruitment
    Employer Branding Appointments Permanent Hiring Recruitment
  • Performance
    Skilling PerformanceMgmt Compensation Benefits L&D Employee Engagement
  • Culture
    Culture Life@Work Diversity Watercooler SheMatters
  • Tech
    Technology HR Technology Funding & Investment Startups Metaverse
  • About Us
  • Advertise with us
  • Become a sponsor
  • Contact Us
  • Feedback
  • Write For Us

Follow us:

Privacy Policy • Terms of Use

© Copyright People Matters Media Pte. Ltd. All Rights Reserved.

People Matters Logo
  • Current
  • Top Stories
  • News
  • Magazine
  • Research
  • Events
  • Videos
  • Webinars
  • Podcast
Login / Signup

Categories:

  • HotTopic
    HR Folk Talk FutureProofHR
  • Strategy
    Leadership Csuite StrategicHR EmployeeRelations BigInterview
  • Recruitment
    Employer Branding Appointments Permanent Hiring Recruitment
  • Performance
    Skilling PerformanceMgmt Compensation Benefits L&D Employee Engagement
  • Culture
    Culture Life@Work Diversity Watercooler SheMatters
  • Tech
    Technology HR Technology Funding & Investment Startups Metaverse
JPMorgan Chase begins layoff despite record profits

News • 13th Feb 2025 • 2 Min Read

JPMorgan Chase begins layoff despite record profits

Talent Management#HRTech#Layoffs#HRCommunity

Author: Samriddhi Srivastava Samriddhi Srivastava
487 Reads
The layoffs are part of the "regular management of the business," a JPMorgan spokesperson stated, emphasizing that the bank continues to maintain 14,000 open positions.

JPMorgan Chase has initiated job cuts as part of its broader workforce restructuring plans for 2025, according to sources familiar with the matter. The banking giant began informing employees of the layoffs last week, with fewer than 1,000 positions set to be impacted in February, as per a report from Barron's.

The layoffs are part of the "regular management of the business," a JPMorgan spokesperson stated, emphasizing that the bank continues to maintain 14,000 open positions. "We continue to hire in many areas and work hard to redeploy impacted employees," the spokesperson added. Despite these reductions, the bank remains the largest lender in the U.S. by assets and reported a record-high annual profit in 2024.

According to reports, JPMorgan had a workforce of approximately 317,233 employees at the end of 2024. While the company has not disclosed the specific departments or roles affected by the job cuts, sources indicate that additional layoffs are expected later in the year. A source, who requested anonymity, revealed that JPMorgan is planning multiple rounds of workforce reductions as part of its strategic realignment.

The banking sector has experienced significant shifts in recent months, with Wall Street profits surging amid a resurgence in dealmaking and fundraising activities. Despite regulatory uncertainties under the Trump administration, industry executives have remained optimistic, fueled by a strong U.S. economy. JPMorgan has also expressed confidence in market activity picking up in 2025, although some businesses remain cautious, awaiting further clarity on economic policies.

Jennifer Piepszak, JPMorgan's Chief Operating Officer, noted on Tuesday that the bank’s investment banking fees have grown by a mid-teens percentage in the first quarter, reflecting increased client confidence and economic optimism. However, despite these gains, the bank continues to recalibrate its workforce to align with evolving business priorities.

JPMorgan's restructuring efforts mirror a broader trend in the financial sector, where major institutions are streamlining operations to enhance efficiency and profitability. While some companies are ramping up hiring in high-growth areas, others are reducing headcount in response to shifting market dynamics and technological advancements.

The layoffs at JPMorgan come at a time when the financial industry is navigating changing regulatory landscapes and fluctuating market conditions. The bank’s decision to cut jobs, while simultaneously maintaining a substantial number of open positions, suggests a strategic effort to balance operational efficiency with continued growth.

Despite the layoffs, JPMorgan remains well-positioned in the market, with robust financial performance and strong investor confidence. Analysts believe that the bank’s proactive approach to workforce management will enable it to stay competitive while adapting to emerging challenges and opportunities in the industry.

As the year progresses, further workforce adjustments may be announced, impacting various segments of the bank’s global operations. JPMorgan has reiterated its commitment to supporting affected employees through redeployment efforts and continued hiring in critical areas of growth.

The financial industry will closely watch how JPMorgan's restructuring unfolds in the coming months, as other major banks may follow suit in optimizing their workforce strategies for long-term sustainability.

Read More

Did you find this article helpful?


You Might Also Like

NASA restructures, cuts jobs

NEWS • 11th Mar 2025 • 3 Min Read

NASA restructures, cuts jobs

Talent Management#HRTech#Layoffs#HRCommunity
DHL announces 8,000 job cuts

NEWS • 7th Mar 2025 • 3 Min Read

DHL announces 8,000 job cuts

Talent Management#HRTech#Layoffs#HRCommunity
Disney, Wells Fargo & Renault Nissan cut thousands

NEWS • 6th Mar 2025 • 5 Min Read

Disney, Wells Fargo & Renault Nissan cut thousands

Talent Management#HRTech#Layoffs#HRCommunity
NEXT STORY: RSM Australia appoints five senior leaders to bolster WA presence

Trending Stories

  • design-thinking-hr

    Skype is dead: Did Microsoft's leadership let a billion-doll...

  • design-thinking-hr

    Keeping the C-suite in the C-suite - how do we reduce execut...

  • design-thinking-hr

    Return to office: the legalities

  • design-thinking-hr

    The trust factor: Why modern leaders can’t afford to overl...

People Matters Logo

Follow us:

Join our mailing list:

By clicking “Subscribe” button above, you are accepting our Terms & Conditions and Privacy Policy.

Company:

  • About Us
  • Advertise with us
  • Become a sponsor
  • Privacy Policy
  • Terms of Use

Contact:

  • Contact Us
  • Feedback
  • Write For Us

© Copyright People Matters Media Pte. Ltd. All Rights Reserved.

Get the latest Articles, Insight, News & Trends from the world of Talent & Work. Subscribe now!
People Matters Logo

Welcome Back!

or

Enter your registered email address to login

Not a user yet? Lets get you signed up!

A 5 digit OTP has been sent to your email address.

This is so we know it's you. Haven't received it yet? Resend the email or then change your email ID.

People Matters Logo

Welcome! Let's get you signed up...

Starting with the absolulte basics.

Already a user? Go ahead and login!

A 5 digit OTP has been sent to your email address.

This is so we know it's you. Haven't received it yet? Resend the email or then change your email ID.

Let's get to know you better

We'll never share your details with anyone, pinky swear.

And lastly...

Your official designation and company name.