Feb 13 - JPMorgan Chase (JPM, Financial) has started its 2025 workforce realignment with almost 1,000 layoffs this month. The spokesperson said the decision is part of normal business management and does not affect the bank's total workforce of some 317,233 people. It comes on the heels of an enormous hiring sweep that the bank made in 2023 by taking on First Republic Bank, nearly doubling its number of employees to 16,200, which it has since shrunken.
Following a record year in 2024, earnings rose 18 percent to $58.5 billion and fourth-quarter earnings of $14 billion, which JPMorgan chooses to streamline. Growth in requests for people to work from home is being criticized by CEO Jamie Dimon, who says remote meetings are taking too long and approval processes are too drawn out. The comments come as the bank plans more layoffs in mid-March, May, June, August and September following the reduction in force already announced.
This is a wider industry pattern of companies realigning their headcounts to drive maximum performance. Robust profits tie well to strong deal-making and market recovery, but JPMorgan's targeted cuts are designed to achieve operational efficiency and cost management with a dynamic business.
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