PMorgan Chase, $JPM, has begun layoffs, and plans to announce additional cuts in mid-March, May, June, August, and September

JPMorgan Chase (JPM) has begun its 2025 workforce realignment by laying off nearly 1,000 employees this month. A spokesperson for the bank described the move as part of routine business management, emphasizing that it will not impact the company’s total workforce of approximately 317,233 employees.

The layoffs follow JPMorgan’s massive hiring surge in 2023, when it acquired First Republic Bank and nearly doubled its workforce to 16,200. Since then, the bank has gradually reduced those numbers as part of its broader restructuring efforts.

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JPMorgan reported a record-breaking 2024, with earnings climbing 18% to $58.5 billion, including fourth-quarter profits of $14 billion. However, the bank is now streamlining its operations, with additional layoffs planned for mid-March, May, June, August, and September.

CEO Jamie Dimon has been critical of the increasing demand for remote work, arguing that virtual meetings slow down decision-making and prolong approval processes. His remarks come as the bank continues to refine its workforce strategy.

JPMorgan’s job cuts reflect a broader trend across the financial sector, where firms are adjusting headcounts to maximize efficiency. While strong profits have been supported by an uptick in deal-making and market recovery, the bank’s targeted reductions aim to enhance operational agility and cost management in an evolving business landscape.