New Delhi: The biggest bank in the US, JPMorgan Chase, has further impacted its operations in North Jersey with the announcement of its third round of layoffs for 2025.
Public documents filed with the New Jersey Department of Labour indicate that the most recent round, which would impact 63 workers at the bank’s Jersey City operations, is scheduled to go into effect on 4 August.
Two other rounds of layoffs earlier this year were followed by the announcement. In Jersey City, 121 workers were let go in May, and 145 more in June. These layoffs are part of JPMorgan Chase‘s continuous effort to adapt its personnel to changing business needs.
JPMorgan Chase spokesperson Michael Fusco explained that the layoffs had nothing to do with outside economic concerns like the uncertainty brought on by President Donald Trump’s tariffs.
This year is not the only time the bank has decided to lay off employees. JPMorgan Chase has already carried out two rounds of layoffs in New Jersey in 2024, continuing its long-standing practice of making workforce adjustments in response to operational pressures.
The most recent round of layoffs coincides with wider economic worries. Jamie Dimon, the CEO of JPMorgan Chase, has been outspoken about his worries about the state of the American economy. In April, he issued a warning that President Trump’s broad tariffs may lead to borrower defaults and possibly even a recession.
