JPMorgan Chase (JPM.US) initiates layoff plan as it records record revenue and profit, marking a significant milestone in the company's history.

According to sources, JPMorgan Chase & Co. management began notifying some employees of layoffs last week as part of a series of layoffs planned by the bank by 2025.

The bank plans more layoffs in March, May, June, August and September, but not all business units will be affected, the sources said. At least several employees were from the Houston office, they said.

JPMorgan Chase has not disclosed the exact number of layoffs for the year, but the size is expected to be less than 1,000. As of December 2023, the bank had about 317,000 employees.

A spokesperson for JPMorgan Chase said on Wednesday that the layoffs were "a routine business management adjustment that affects a very small number of employees." The spokesperson emphasized that the bank regularly reviews business needs and adjusts staffing accordingly — creating new positions where needed and reducing them where appropriate. He added that JPMorgan Chase's overall strategy has not changed, and the company remains committed to investing during the economic cycle.

Despite the layoffs, JPMorgan Chase's financial performance has remained strong. The bank recorded record revenue and profits in 2024 and has pushed its stock price to new highs in recent weeks. The stock has risen 56% over the past year and has hit a new high nine times so far in 2025.

However, the layoff news has sparked unease and anger among employees and further fueled efforts to organize a union. Employees' frustrations have been mounting on internal forums, social media and in an online petition that is circulating. In addition to the layoffs, dissatisfaction with the bank's impending mandatory five-day-a-week office policy, pay and bonus adjustments and other issues has been a focus.

Despite the layoff turmoil, JPMorgan Chase said it is still hiring in multiple areas and is working to reassign affected employees. The bank currently has about 14,000 open positions and added about 7,000 jobs over the past year.