By Rebecca Ungarino

Managers at JPMorgan Chase started to notify employees of job cuts last week, people familiar with the matter said, as part of a series of layoffs the bank plans to make throughout 2025.

Some employees in the U.S. were notified of layoffs on Feb. 5, according to the people, who requested anonymity to discuss private matters. At least several of those layoffs were in the Houston offices.

JPMorgan plans to announce additional cuts in mid-March, May, June, August, and September, the people said. Not every line of business will be impacted in each round of those layoffs.

In February, fewer than 1,000 employees are going to be laid off, and was it unclear how many employees the firm plans to cut this year. The firm had some 317,000 employees as of December.

A spokesperson for JPMorgan said on Wednesday that the cuts are "part of our regular management of the business and impacts a very small number employees."

"We regularly review our business needs and adjust our staffing accordingly -- creating new roles where we see the need or reducing positions when appropriate," the spokesperson said in a statement to Barron's. "Our strategy has not changed, and we run the company to invest through the cycle."

The spokesperson said the firm continues to hire "in many areas and work hard to redeploy impacted employees," and that it has some 14,000 open positions while it has added some 7,000 jobs in the past year.

JPMorgan reported record profits of nearly $60 billion in 2024 while its stock is trading near its record high.

This is a developing story. Please check back for updates.

Write to Rebecca Ungarino at rebecca.ungarino@barrons.com

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February 12, 2025 10:55 ET (15:55 GMT)

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