JP Morgan may slash over 10% of operations workforce

• At the bank’s 2025 Investor Day, JPMorgan Chase’s CFO Jeremy Barnum urged managers to “resist headcount growth.”
• With annual spending hitting $95 billion the bank plans to limit new hiring. 
• Focus on efficiency gains, thanks largely to AI adoption.

Expect 10% job cuts in Operations

Marianne Lake, CEO of Consumer and Community Banking, announced a planned 10% reduction in operations staff (handling fraud, statements, and account services).

She went ahead saying that’s a “conservative estimate” and “I would take the over.”

Hiring will continue in…

“High-certainty areas” like bankers, advisors, and branch staff—roles closely tied to revenue. 

JPMorgan’s headcount grew 23% over five years, reaching over 317,000 employees by the end of 2024.

But going forward, the bank is betting heavily on AI to reduce redundancies and boost productivity—particularly in areas like home lending.

Key trends to watch:

• AI-led efficiencies are replacing hiring as a growth strategy.

• Selective hiring remains in roles directly linked to business growth.

• Operations roles are most at risk, with job cuts already projected.

• JPMorgan is doubling down on in-office work to drive productivity.

• The bank continues to show strong performance, with stock up 37% in the past year and $58.5B in net income in 2024.

Wrapping up…

CEO Jamie Dimon earlier signalled this direction, famously telling employees that “attrition is your friend” and to embrace job-disrupting AI.