A notice filed with the Texas Workforce Commission shows that JPMorgan Chase is closing a call center at its Plano campus and laying off 244 employees. The layoffs were announced Tuesday, and affected workers will receive formal 60-day notices as required under the federal Worker Adjustment and Retraining Notification (WARN) Act.
The bank said employees impacted by the cuts will be eligible for severance pay and will receive assistance in finding other positions within the company or through outplacement services.
JPMorgan Chase said in a statement to CBS News that the cuts are part of an effort to consolidate a small operations team into larger existing operations centers.
“We regularly review our business needs and adjust our staffing accordingly — creating new roles where we see the need or reducing positions when appropriate,” the statement read in part.
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JPMorgan Chase said it is committed to Plano, where it employs more than 12,500 people and currently has more than 800 open positions. “This impacts a small operations team that we are consolidating to our larger existing Operations locations,” according to the company statement. “We are working hard to redeploy impacted employees.”
The WARN Act notice mentioned the layoffs will begin on Aug. 21 and will largely affect fraud specialist roles, as reported by the Dallas Business Journal. Impacted employees will be eligible for severance benefits and will receive help relocating to other positions within the company or through outplacement services.
Meanwhile on Thursday, JPMorgan Chase promoted two of its top executives into newly created co-president roles, as part of CEO Jamie Dimon’s long-running succession planning while announcing the retirement of one of Dimon’s most prominent potential successors.
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Doug Petno and Troy Rohrbaugh, who have jointly led the bank’s commercial and investment banking division since early 2024, were named co-presidents of JPMorgan effective immediately, according to a regulatory filing.
Petno would become the CEO of the commercial and investment banking division, while Rohrbaugh will take over as CEO of the firm’s consumer and community banking division, replacing Marianne Lake.
“The decision to elevate Doug and Troy to Co-Presidents and heads of the company’s two largest businesses reflects the Board’s confidence in their extraordinary leadership capabilities, business performance, relationships, experience and commitment to always doing the right thing,” Dimon said in a statement. The filing also revealed that Lake, who has been on the short list of potential Dimon successors since serving as CFO starting in 2013, decided to retire from the firm.