Kolkata: Global financial services giant JP Morgan has begun slashing employees close on the heels of the MNC making record annual profits, triggering curiosity around the world. According to reports, some of the employees receiving the axe were in the US and they were notified of the layoff decision on February 5. JP Morgan is also directing all its employees to work from office five days a week from March.

Though it was not known so far how many employees would be asked to leave, company officials indicated that the process will continue. The New York-based bank has already axed about 1,000 jobs this month so far and officials said more would follow in March, May, June, August, and September of the current year. It was reported that at end December 2024, JP Morgan had about 317,000 employees all over the world.

JP Morgan layoff reasons

Though the exact reason for the latest round of exits was not made public, a spokesperson of the company was quoted in the media as saying “We regularly review our business needs and adjust our staffing accordingly—creating new roles where we see the need or reducing positions when appropriate.” Ironically, the bank posted excellent financial results a few weeks before axing the employees. Predictably, the company’s move has triggered anger and resentment among its employees.

JP Morgan stock, a darling of investors now

As reported, the revenue in JPMorgan’s investment banking business jumped 46% in Q4 period of 2024 to reach $2.6 billion. The results have also impressed the investors and the robust results have boosted the JP Morgan stock with the bank’s shares gaining as much as 62% in the past 12 months. It is also trading at near peak levels in the US stock markets. Deal making and mergers and acquisitions are some of the key domains where JP Morgan have shown impressive results.

According to the company reports, JP Morgan’s investment banking fee has risen by a factor that is in midteens, Chief Operating Officer Jennifer Piepszak otld the media. Set up in 1871, JP Morgan is now present in more than 100 countries around the world.