New York, February 13: JPMorgan Chase, a multinational financial service firm from the United States, initiated job cuts last week. JPMorgan Chase & Co. reportedly informed its employees about the layoffs and also announced a series of rounds to be implemented throughout 2025. JPMorgan Chase layoffs in February are estimated to affect less than 1,000 employees; however, the number could grow when the next rounds are implemented. 

According to a report by Barron's, JPMorgan layoffs affected some of the employees from the US on February 5, 2025. The report highlighted that these individuals preferred to stay anonymous to discuss private matters. However, it suggested that most job cuts were implemented at JPMorgan Chase's Houston office in the US. Zepz Layoffs: London-Based Fintech Firm To Cut 20% of Global Workforce To Achieve Long-Term Strategic Goals and Continued Growth.

A JPMorgan Chase representative said that the layoffs were part of its regular business management and impacted a very small number of people. The spokesperson further said that JPMorgan regularly reviewed its business needs and adjusted staffing according to the requirements, adding necessary roles and reducing positions when felt appropriate. 

The report said that the upcoming rounds of JPMorgan Chase layoffs will continue to affect more employees in mid-March, May, June, August and September this year. Still, the report noted that not every line of business would face the consequences due to the rounds of layoffs.

As of December 2024, JPMorgan Chase employed around 3,17,000 employees, and in the following rounds, more from this workforce will be laid off. However, the financial firm did not specify how many jobs it would cut in 2025. The job cuts have been implemented despite the firm's recent strong financial performance, which hit a new all-time high. Chevron Layoffs: US-Based Energy Giant To Cut 20% of Global Workforce by 2026 To Save Up To Save Cost, Improve Efficiency and Competitiveness.

JPMorgan Chase stocks rose 56% in 2024 and hit nine records in 2025, mentioned the report. The layoffs have been initiated as the JPMorgan Chase employees have started expressing their growing frustrations with the firm amid dissatisfactory raises and bonuses. Besides, there is a five-day-office work mandate that JPMorgan would push from early March 2025. JPMorgan spokesperson said that the firm would continue to hire more people in many areas and also work to "redeploy" impacted employees.  JPMorgan Chase created 7,000 new jobs in 2024 and has 14,000 open positions.

(The above story first appeared on LatestLY on Feb 13, 2025 05:10 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).