Cost cuts were the focus of a town-hall meeting with finance employees earlier this year that marked Jennifer Piepszak’s first as chief financial officer, a person with knowledge of the matter said.
JPMorgan has about 37,000 employees in the New York metro area, which includes New Jersey, around half of whom are branch employees, according to a person familiar with the matter. The bank is planning to consolidate its Manhattan operations at 270 Park once construction is complete around 2023.
Dimon, always the hard bargainer, hasn’t been shy about his discontent with the Empire State’s high costs, and has indicated the bank could move employees to other states.
In 2013, he praised Florida’s business-friendly policies and joked that he sometimes wonders why JPMorgan doesn’t relocate to Miami. The bank at one point considered moving its headquarters to the Sunshine State, but executives pushed back over issues including the quality of Florida’s schools, said one person familiar with the talks.
And, in February 2018, when Amazon was searching for an HQ2 location, Dimon said he’d call the governor of whichever state offered the second-best package and move 50,000 people there to get the same deal.
“I’m not kidding,” Dimon said at the time. “You gotta fight for your company, folks, just keep that in mind. If you don’t, no one else does.”
--With assistance from Gwen Everett.
This article was provided by Bloomberg News.