In February, JPMorgan is set to see some employees leave the organization due to the planned layoffs that have already begun. While cuts will continue throughout the year, around 1,000 employees will be asked to exit this month, and most of them were notified last week. The bank is also looking into the redeployment of affected employees as part of its usual management practices.
Despite these layoffs, the bank does not plan to halt its hiring process. According to Reuters, there are currently 14,000 job vacancies available.
By the end of 2024, JPMorgan’s workforce had grown to over 317,000 employees, and the bank reported record annual profits for the previous year. However, in February 2023, JPMorgan Chase & Co caused a stir in the industry by announcing layoffs for hundreds of its mortgage employees, despite earlier intentions to hire more personnel. In September 2022, the bank had expressed plans to recruit about 2,000 engineers worldwide in response to fierce competition for technology talent. The layoffs primarily affected bankers specializing in mortgages and mortgage planning.
Looking ahead to January 2025, it was reported that JPMorgan may require employees to return to the office full time, five days a week. Until then, only about 60% of the workforce had been working in the office full time, while the remainder had adopted a hybrid model, coming into the physical workspace three days a week. The bank has reportedly decided to enforce a strict policy requiring the entire workforce to return full-time to the office.
