JPMorgan Chase last week disclosed it was eliminating 99 jobs in a San Francisco office.
The financial services giant filed a Worker Adjustment and Retraining Notification, or WARN notice, with the California Employment Development Department, reporting that it was laying off employees at its One Front Street office effective Aug. 27, according to the department's website.
J.P. Morgan Wealth Management has an office at that location, according to a company website.
"We regularly review our business needs and adjust our staffing accordingly — creating new roles where we see the need or reducing positions when appropriate. We continue to hire in many other areas and work hard to redeploy impacted employees. In the last year, we added more than 7,000 jobs and currently have more than 14,000 open positions," a JPMorgan spokesperson told ThinkAdvisor by email Wednesday.
"We are committed to San Francisco and have about 3,500 employees working in the market. We are working hard to redeploy impacted employees," the spokesperson said.
In April, the company announced its was doubling down on its commitment to San Francisco, saying it was renovating the One Front Street office and its 560 Mission Street location, which it was establishing at local headquarters. It planned to maintain about 125,000 square feet in office space at One Front Street.
Those plans haven't changed, the spokesperson said, noting also that the nearly 7,000 Bay Area employees cited in the April release covered a broader region.
JPMorgan and other financial services firms have been carrying out layoffs throughout the U.S. In June the company notified New Jersey authorities that it would lay off 145 people in Jersey City effective June 23. That followed 121 layoffs in early May and preceded 63 set for August.
JPMorgan employed more than 187,000 people in North America and more than 300,000 globally at the end of 2024.
Photo: The Associated Press
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