JPMorgan Chase is set to lay off 121 employees at its Jersey City office, according to public filings. This move is part of a broader trend in the banking and finance sector, which is looking to reduce staff numbers due to advancements in technology.
The layoffs are scheduled for May, as indicated by a WARN notice filed with the New Jersey Department of Labor. JPMorgan Chase, recognized as the largest bank in the United States, had previously announced plans to begin laying off approximately 1,000 employees starting this month. At the end of 2024, the bank employed 317,233 people.
Throughout 2024, banks and financial institutions have been reducing their workforce significantly, affecting hundreds of positions across New Jersey.
James Hughes, an economist at Rutgers University, commented on this development: "White-collar jobs in banking and finance have become saturated after a two-year hiring spree that followed the COVID-19 pandemic."
