JPMorgan Chase reportedly has several rounds of layoffs coming this year, and some workers at the company have apparently started being told they will lose their jobs.Â
Barron’s reported Wednesday that some JPMorgan Chase employees learned from supervisors last week that their jobs would be impacted by layoffs. The outlet cited unnamed sources “familiar with the matter.”Â
Layoffs at the bank this month will affect less than 1,000 workers, according to the report.
More layoffs are on the horizon at JPMorgan Chase, with the company looking at other rounds in March, May, June, August and September, Barron’s reported.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
JPMorgan Chase told FOX Business that it “regularly review[s] our business needs and adjust[s] our staff accordingly – creating new roles where we see the need or reducing positions when appropriate.”
“Our strategy has not changed, and we run the company to invest through the cycle. We continue to hire in many areas and work hard to redeploy impacted employees,” the company added. “This is part of our regular management of the business and impacts a very small number of employees.”Â
Coming into 2025, JPMorgan’s workforce totaled over 317,000.Â
“In the last year, we added more than 7,000 jobs and currently have about 14,000 open positions,” JPMorgan Chase told FOX Business.Â
JPMORGAN SETTING UP A ‘WAR ROOM’ TO KEEP UP WITH TRUMP’S POLICY CHANGES
The company does business in asset and wealth management, commercial banking, consumer and community banking, corporate and investment banking, and technology, according to its website. The upcoming job cuts will not hit every unit each time, Barron’s reported.
In mid-January, JPMorgan reported managed revenue of nearly $43.74 billion for the fourth quarter. Its quarterly net income came in at $14 billion, marking a 50% jump year-over-year.Â
CLICK HERE TO READ MORE ON FOX BUSINESSÂ
It had $4 trillion in assets and $345 billion in stockholders’ equity at the end of 2024, according to the company.