(Reuters) -JPMorgan Chase's ( JPM ) managers began notifying employees of job cuts last week as part of a series of layoffs the bank plans to make throughout 2025, Barron's reported on Wednesday, citing people familiar with the matter.

Fewer than 1,000 employees are going to be laid off in February, the report said, adding that the bank is planning to announce more cuts in mid-March, May, June, August and September.

"We regularly review our business needs and adjust our staffing accordingly," a spokesperson for the bank said in an emailed statement to Reuters.

"We continue to hire in many areas and work hard to redeploy impacted employees ... This is part of our regular management of the business and impacts a very small number of employees."

JPMorgan ( JPM ) had 317,233 employees as of end-2024, it said last month.

In January, the largest U.S. bank reported a record annual profit as its dealmakers and traders reaped a windfall from rebounding markets in the fourth quarter.

Wall Street profits have surged in recent months as dealmaking and fundraising activities rebounded against the backdrop of a strong U.S. economy.

Industry executives have stayed bullish even as the Trump administration announced a slew of economic and regulatory policy shifts that fueled uncertainty.

(Reporting by Manya Saini and Niket Nishant in Bengaluru; Editing by Shilpi Majumdar and Devika Syamnath)