JPMorgan Chase Initiates 2025 Layoffs Amid Record Profits

JPMorgan Chase has commenced a series of planned layoffs for 2025, notifying fewer than 1,000 employees of job cuts in February. Despite reporting its highest-ever annual profit in 2024, the bank is proceeding with these reductions as part of its regular business management.

A spokesperson emphasized that the company continues to hire in many areas, with approximately 14,000 open positions, and is committed to redeploying impacted employees.

The layoffs are scheduled to occur throughout the year, with additional cuts planned for mid-March, May, June, August, and September. While the exact number of future layoffs remains undisclosed, the bank had a total of 317,233 employees at the end of 2024.

These workforce adjustments come amid internal discussions about efficiency and workplace policies. CEO Jamie Dimon has expressed concerns over slow decision-making processes and excessive bureaucracy within the bank.

He has called for a 10% efficiency improvement across departments and criticized the prevalent remote work culture, particularly on Fridays.

Dimon emphasized the importance of in-office collaboration and indicated that the bank will maintain its five-day office mandate, despite internal debates and an employee-led petition against it.

In 2024, JPMorgan Chase also laid off 335 employees in San Francisco who were part of its acquisition of First Republic Bank. These positions were temporary roles established to support the integration process and were concluded as planned.

Despite these layoffs, JPMorgan Chase’s overall workforce has been expanding. As of the second quarter of 2023, the bank’s headcount increased by about 8% from the previous year, totaling more than 300,000 employees.

This growth reflects the bank’s ongoing investments in various sectors, including technology and operations.