JPMorgan Initiates Employee Layoffs in Houston Offices
JPMorgan has started the process of laying off fewer than 1,000 employees, as reported by Barron’s. This round of layoffs has impacted “several” Houston offices, with affected employees being notified on February 5. However, this is just the beginning.
The bank is planning to announce job cuts in mid-March, May, June, August, and September. The exact number of roles to be affected by these layoffs throughout the year remains unclear, as per Barron’s.
A JPMorgan spokesperson stated to Barron’s, “We regularly review our business needs and adjust our staffing accordingly—creating new roles where we see the need or reducing positions when appropriate.”
According to a source that spoke to Reuters, these job cuts are part of the bank’s ongoing management of its business operations. Despite the layoffs, there are still around 14,000 open roles at JPMorgan. The spokesperson mentioned to Reuters, “We continue to hire in many areas and work hard to redeploy impacted employees.”
As of the end of 2024, JPMorgan had 317,233 employees and reported record profits that year. Stay updated on the latest news in the banking industry for more insights on such developments.
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