JPMorgan Chase & Co. (JPM) is dismissing hundreds of workers in its asset and wealth-management division after a periodic review of staffing, Bloomberg reported citing people familiar with the matter.
The bank is reducing the number of employees in support roles across the unit and laying off some wealth-management workers, the report said. The reductions are being made globally.
"It is normal course of business for us to review our staffing annually to ensure appropriate levels, and adjust as necessary," Darin Oduyoye, a spokesman for the New York-based bank, reportedly said. "We continue to invest in our business and talent, including hiring top advisers in key markets and expanding our product and service offering."
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December 19, 2025 15:10 ET U.S. inflation data and interest rate decisions by major central banks were the highlights of this busy week for economics news flow. Employment data and survey results on the housing markets also gained attention in the U.S. In Europe, the European Central Bank and Bank of England announced their policy decisions and macroeconomic projections.