By Niket Nishant and Manya Saini
(Reuters) -JPMorgan Chase started informing some employees of job cuts last week, a source familiar with the matter told Reuters on Wednesday, as it begins one of several planned reductions this year.
Fewer than 1,000 employees are going to be laid off in February, according to Barron’s, which first reported the news.
The layoffs are a part of the “regular management of the business”, a spokesperson said, adding that the bank still has 14,000 open positions. “We continue to hire in many areas and work hard to redeploy impacted employees.”
The bank had 317,233 employees at the end of 2024, it said last month. It is planning more cuts later this year, the source said, requesting anonymity discussing confidential information.
The operating environment for the banking sector has improved considerably, with JPMorgan, the biggest U.S. lender by assets, earning its highest-ever annual profit in 2024.
Wall Street profits have surged in recent months as dealmaking and fundraising activities rebounded against the backdrop of a strong U.S. economy.
Industry executives have stayed bullish even as the Trump administration announced a slew of economic and regulatory policy shifts that fueled uncertainty.
While JPMorgan expects market activity to pick up this year, it has said some companies are staying on the sidelines as they wait for more clarity on economic policies.
Its investment banking fee has grown by a mid-teens percentage so far in the first quarter as clients’ economic optimism grows, Chief Operating Officer Jennifer Piepszak said on Tuesday.
(Reporting by Manya Saini and Niket Nishant in Bengaluru; Editing by Devika Syamnath and Arun Koyyur)
