JPMorganChase is letting go of 121 employees at its Jersey City offices, public filings show, as the banking and finance sector looks to trim headcount amid new technology.
The layoffs are expected to go into effect in May, according to a WARN notice with the New Jersey Department of Labor.
JPMorgan Chase — considered the nation’s largest bank — had plans to begin laying off about 1,000 employees starting this month. The bank had 317,233 employees at the end of 2024…
In 2024, banks and financial institutions trimmed their headcount by the thousands, including hundreds of positions in New Jersey.
James Hughes, an economist at Rutgers University, told NorthJersey.com that white-collar jobs in banking and finance have become saturated after a two-year hiring spree that followed the COVID-19 pandemic.