JPMorgan Chase has begun notifying employees about job cuts, which are part of the bank's planned downsizing efforts for 2025.

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Fewer than 1,000 employees will be laid off in February and the bank is planning to announce cuts in mid-March, May, June, August and September. Despite the layoffs, JPMorgan Chase is still actively hiring in many areas and working to redeploy impacted employees.

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What did the bank say?

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This move is described as a “regular review of business needs and adjustment of staff," by a bank spokesperson, who also mentioned that the bank still has around 14,000 open positions.

"We continue to hire in many areas and work hard to redeploy impacted employees ... This is part of our regular management of the business and impacts a very small number of employees."

JPMorgan Chase's planned layoffs will affect approximately 0.3 per cent of its total workforce, which was 317,233 employees by the end of 2024.

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Despite the layoffs, the banking sector's operating environment has shown significant improvement, with JPMorgan, the largest US lender by assets, reporting its highest-ever annual profit in 2024.

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Leadership changes at JPMorgan Chase

Alongside workforce restructuring, JPMorgan Chase has announced changes in key leadership. It recently announced new responsibilities for several senior executives as it continues to build on its leadership positions across global financial services.

Daniel Pinto, President and COO of JPMorgan Chase, has announced his plans to retire by the end of 2026, following a distinguished career spanning over 40 years. As part of the transition, Pinto will step down as President and COO on June 30, 2025, handing over his responsibilities.

Jennifer Piepszatz has been appointed Chief Operating Officer, effective immediately. She will work closely with outgoing COO Daniel Pinto for the next few months to ensure a smooth transition. Piepszatz currently serves as co-CEO of the Commercial and Investment Bank.

Doug Petno, Co-head of Global Banking, succeeded Piepszak as Co-Chief Executive Officer of the CIB, partnering with current CIB Co-CEO, Troy Rohrbaugh, to manage the business.

John Simmons, head of Commercial Banking, will succeed Petno and join Filippo Gori as the new Co-head of Global Banking, both reporting to Petno and Rohrbaugh.

Marianne Lake, CEO of Consumer and Community Banking, and Mary Erdoes, CEO of Asset & Wealth Management, will continue in their roles.

(With inputs from agencies)