Despite job cuts, the bank is actively hiring for 14,000 open positions.

JPMorgan Chase, the largest lender in the United States, has begun notifying employees of planned job cuts as part of its ongoing workforce restructuring, according to a Reuters report. These layoffs are part of the bank’s scheduled reductions for the year.

According to Barron’s, which first reported the news, around 1,000 employees are expected to face the layoff in February as part of the “regular management of the business”.

According to reports, the bank still has 14,000 open positions, despite the ongoing layoffs. “We continue to hire in many areas and work hard to redeploy impacted employees,” a bank spokesperson was quoted as saying. JPMorgan Chase currently employs 317,233. However, the bank has planned more job cuts later this year.

Leadership Changes at JPMorgan Chase

Alongside workforce restructuring, JPMorgan Chase has announced key leadership transitions. 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 Chief Operating Officer, who has served the firm for more than 40 years, has informed Chairman and Chief Executive Officer Jamie Dimon of his decision to retire at the end of 2026.  Pinto will relinquish his responsibilities as President and COO as of June 30, 2025.  

Jennifer Piepszak, Co-Chief Executive Officer of the Commercial & Investment Bank (CIB), has been named Chief Operating Officer of the company, effective immediately, working closely with Pinto over the next few months.  In this role, Piepszak managed and coordinates all Technology, Operations, Chief Administrative Office, Data & Analytics, Corporate Strategy and Diversity, Equity & Inclusion across the company, as well as overseeing the firm’s Global Corporate Centers in India and the Philippines, which employ more than 80,000 professionals. 

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, and along with Pinto, Piepszak, Petno, and Rohrbaugh, will report solely to Jamie Dimon.  All Corporate functions will be managed jointly by Piepszak and Dimon.