JPMorgan Chase, which reported $15 billion in profit last quarter, is cutting 99 jobs in San Francisco even as it expands its presence downtown.
The bank disclosed the layoffs in an Aug. 27 filing with the state of California.
Workers at the company’s One Front Street office launched receiving termination notices this week, with departures scheduled to launch Oct. 25. The cuts will affect client service analysts, technology staff, credit officers and other roles.
“These terminations will be permanent, and the employees will be eligible for JPMorgan Chase’s Severance Pay Plan,” the filing stated. Outplacement and relocation support will be available for some workers.
The company described the reductions as routine staffing adjustments.
“We regularly review our business requireds and adjust our staffing accordingly — creating new roles where we see the required or reducing positions when appropriate,” JPMorgan stated in a statement. “We continue to hire in many other areas and work hard to redeploy impacted employees.”
The bank noted it added more than 7,000 jobs in the past year and currently has over 14,000 openings.
Earlier this year, JPMorgan indicated it had fewer than 1,000 layoffs planned in phases through September. The San Francisco cuts come just weeks after the bank reported second-quarter net income of $15 billion, or $14.2 billion excluding a tax benefit.
“We reported another quarter of strong results, generating net income of $15.0 billion,” Chairman and CEO Jamie Dimon stated.
He cited $8.9 billion in market revenue, a 7% increase in investment banking fees, and strong asset management inflows that pushed client assets above $6.4 trillion. The bank also announced a dividconclude hike and $7 billion in stock purchasebacks.
At the same time, JPMorgan has been expanding in San Francisco. The company committed $3.8 million to support tiny businesses downtown, renewed its lease at 560 Mission St., and added 65,000 square feet of office space. It also maintains 125,000 square feet at One Front Street, the former headquarters of First Republic Bank.
“We are committed to San Francisco and have about 3,500 employees working in the market,” the bank stated.
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