Several prominent financial institutions have disclosed planned workforce reductions to state regulators, according to AdvisorHub.
Citibank notified New Jersey regulators that it will lay off 141 employees across the state in May and June. A Citi spokesperson did not clarify whether the reductions will affect its wealth management unit but reiterated the company's broader plan to reduce headcount in 2026. According to AdvisorHub, the spokesperson stated that the firm continues to adjust staffing levels, locations, and expertise to align with current business needs.
JPMorgan Chase reported that it will eliminate 120 positions in Jersey City, New Jersey, in early May.
Wells Fargo informed California regulators that it will lay off 21 employees in April. AdvisorHub reports that a company spokesperson stated that the cuts do not impact the firm's Wealth and Investment Management division or its financial advisors.
LPL Financial, the nation's largest independent broker-dealer, also confirmed workforce reductions. Earlier this month, the firm disclosed that it reduced its workforce by approximately 3 percent, or roughly 300 employees who support its network of 32,000 advisors, according to AdvisorHub. On February 13, LPL reported to California regulators that it would permanently lay off 72 employees in San Diego County.
An LPL spokesperson stated that the firm regularly evaluates its operations as a growth-oriented organization. The spokesperson told AdvisorHub that LPL continues to hire in priority areas and currently lists more than 300 open positions.
These filings reflect ongoing staffing adjustments across major financial institutions as they reassess operational needs and strategic priorities.
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