February will see some JPMorgan employees leave the organisation as a result of the planned layoffs that have begun. While cuts will take place throughout the year, hardly 1000 employees will be asked to exit this month and most of have been notified last week. Redeployment of affected employees is also on the cards. The bank is calling this a part of its usual management of the business.
The bank does not intend to stop hiring, though. Reuter reports that there exist 14,000 vacancies.
The end of 2024 was witness to the bank’s workforce strength crossing 3.17 lakh. Last year also saw the bank earning record annual profits.
In February of 2023, JPMorgan Chase & Co had stunned the industry by announcing layoffs for hundreds of its mortgage employees despite previously indicating plans for new hiring. In September of 2022, JP Morgan had announced its intention to hire about 2,000 engineers worldwide in response to the intense competition for technology talent. The layoffs had affected bankers specialising in mortgages and mortgage planning.
In January 2025 it was reported that employees of JPMorgan may be ordered to return to office full time, that is, five days a week. Till then, only about 60 per cent of the workforce had been working from office five days a week, with the rest working hybrid, that is, coming in to the physical office only thrice a week. The bank had reportedly decided to strictly enforce full-time return to office for the entire workforce.
