Another round of JPMorgan Chase layoffs impacting New Jersey has been announced.
The nation’s largest bank cut loose 121 Jersey City employees on May 5, according to the Bergen Record. A WARN notice to the state shows JPMorgan Chase could release as many as 145 more Garden State workers in June.
A spokesperson told the Bergen Record the reductions were routine personnel decisions unrelated to President Trump’s economic policies. They added that JPMorgan Chase still employs 12,000 New Jerseyans.
The bank indicated in February that cuts were coming to New Jersey in May. JPMorgan Chase has added workers to its overall payroll in recent years, including a 2.23% increase in 2024. It claimed 317,233 employees nationwide last year. JPMorgan reported a record $54 billion profit last year.
NJ.com said the banking behemoth upset workers on hybrid schedules at the start of the year by ordering them to return to the office five days a week, beginning in March. Some employees began working from home during the COVID-19 pandemic.
The bank hasn’t responded to a request for comment on whether any New York workers will be impacted by the cutbacks.
Last year, JPMorgan Chase announced plans to build a Park Avenue headquarters to house 14,000 employees by the end of 2025. The bank says it employs 61,000 New Yorkers and contributes nearly $40 billion annually to the state’s economy. Its Midtown East expansion is said to include “a significant investment to help improve the city’s infrastructure and transit system” in association with the Metropolitan Transportation Authority.
JPMorgan Chase is the result of a 2000 merger between financial institutions with roots that trace back to 1799.
