JPMorgan Chase, the largest U.S. bank by assets, has begun a series of job cuts planned throughout 2025, with nearly 1,000 employees laid off in February, according to a report by Barron’s. Additional layoffs are scheduled for March, May, June, August, and September, sources familiar with the matter revealed.
Layoffs Despite Strong Financial Performance
The layoffs come despite JPMorgan reporting record annual profits in 2024, with earnings soaring 18% to $58.5 billion. The bank’s fourth-quarter earnings alone stood at $14 billion, driven by strong investment banking and trading revenues.
Despite its financial strength, JPMorgan cited regular business adjustments as the reason for the layoffs. A spokesperson for the bank stated:
“We regularly review our business needs and adjust staffing accordingly. 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.”
As of December 2024, JPMorgan had 317,233 employees, meaning the initial round of job cuts accounts for just 0.3% of its total workforce.
JPMorgan’s Workforce Growth and Downsizing
JPMorgan significantly expanded its workforce in recent years, especially after acquiring the failing First Republic Bank in 2023, which added 16,200 employees to its payroll. However, since then, the bank has gradually reduced its workforce, shedding a few hundred positions.
The banking industry has seen a more favorable operating environment in recent months, with increased optimism in financial markets and rising investment-banking fees (up 49%) along with a 21% boost in trading revenue.
CEO Jamie Dimon Criticizes Work-From-Home Culture
Alongside the layoffs, JPMorgan Chase CEO Jamie Dimon has taken a firm stance against remote work. During a town hall meeting on February 12, Dimon dismissed employee demands for continued hybrid work, criticizing those who signed a petition to reconsider the rollback of remote work policies.
Dimon argued that remote work reduced efficiency and creativity,
