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JPMorgan Chase & Co. will cut hundreds of jobs in New Jersey, according to recent filings with the state Department of Labor & Workforce Development.

In May, the financial institution signaled it would eliminate 63 jobs, effective Aug. 4, 2025. The latest move follows two previous filings from JPMorgan Chase Bank in 2025. In April, the commercial and consumer banking subsidiary indicated impending layoffs for 145 Jersey City employees, effective June 23, 2025. Meanwhile, 121 cuts were set to take effect May 5 after the company filed a WARN notice in February.

That brings the total number of planned N.J. layoffs so far this year to 329. The cuts come as part of a previously announced plan by JPMorgan Chase to slash jobs throughout 2025.

In a 2025 first quarter filing released April 11, the company reported 318,477 total employees. According to 2024 New Jersey WARN filings, the company trimmed its local headcount by 147 last year.

JPMorgan Chase did not immediately return a request for comment.

With operations worldwide, JPMorgan Chase had $4.4 trillion in assets and $351 billion in stockholders’ equity as of March 31, 2025. The firm’s concentrations include investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing and asset management. Under its J.P. Morgan and Chase brands, the company says it serves serves millions of customers in the U.S., as well as many of the world’s most prominent corporate, institutional and government clients globally.

Looking ahead

Last month, JPMorgan Chase reported higher-than-expected net revenue for Q1 at $46 billion, up 8%.

“The Firm reported strong underlying business and financial results in the first quarter, producing net income of $14.6 billion,” Chairman and CEO Jamie Dimon said in a statement on the results.

Moving forward, though, Dimon expressed caution.

As always, we hope for the best but prepare the Firm for a wide range of scenarios.
— Jamie Dimon, chairman and CEO, JPMorgan Chase

“The economy is facing considerable turbulence (including geopolitics), with the potential positives of tax reform and deregulation and the potential negatives of tariffs and ‘trade wars,’ ongoing sticky inflation, high fiscal deficits and still rather high asset prices and volatility,” he said. “As always, we hope for the best but prepare the Firm for a wide range of scenarios.”

The layoffs are among the latest to hit the state. Bridgewater-based PVH Corp. also indicated 59 cuts in the latest Worker Adjustment and Retraining Notification Act update. The changes at the home to fashion brands including Tommy Hilfiger and Calvin Klein will take place from May 2025 through Jan., 1, 2026, according to NJDOL.

Other recent cuts have come from the health and pharma space. Those include losses stemming from Rite Aid’s impending closures as well as updates from Organon, Bristol Myers Squibb and others.