JPMorgan Chase Announces Layoffs In February, More Job Cuts Expected Throughout 2025

American multinational bank JPMorgan Chase has begun informing employees of impending job cuts as part of a broader downsizing strategy for 2025. According to a report by Barron’s, citing people familiar with the matter, fewer than 1,000 employees will be laid off in February, with additional layoffs scheduled for mid-March, May, June, August, and September.

In an emailed statement to Reuters, a spokesperson for JPMorgan Chase stated, “We regularly review our business needs and adjust our staffing accordingly. 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.”

Impact On Workforce And Financial Performance

At the end of 2024, JPMorgan Chase had a total workforce of 317,233 employees. The layoffs planned for February represent approximately 0.3% of its total staff. Despite these job cuts, the banking sector’s operating environment has seen significant improvement, and JPMorgan, the largest U.S. lender by assets, reported record-breaking annual profits in 2024.

Meanwhile, tech giant Meta is also preparing for another round of company-wide layoffs, according to an internal memo quoted by Reuters. The notice specified that affected employees would start receiving job termination notices at 5 a.m. local time in most countries, including the United States.

Regional Impact Of Meta Layoffs

However, employees in Germany, France, Italy, and the Netherlands will be exempt from the cuts due to local labor regulations. In contrast, workers across more than a dozen other countries in Europe, Asia, and Africa are expected to be notified between February 11 and February 18.

Meta has also signaled an accelerated hiring push for machine learning engineers, indicating a shift in focus towards artificial intelligence and automation. The layoffs reflect broader restructuring efforts within the company as it adapts to changing market demands and economic conditions.

The latest job cuts at JPMorgan Chase and Meta highlight ongoing workforce adjustments across major industries, as companies reassess their staffing needs and business strategies in response to evolving economic landscapes.

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