JPMorgan Chase Announces February Layoffs, Additional Cuts Expected: Report

JPMorgan Chase Announces February Layoffs, Additional Cuts Expected: Report

JPMorgan Chase has begun notifying employees about upcoming layoffs as part of a broader downsizing strategy planned for 2025, according to reports. Barron's, citing sources familiar with the matter, stated that managers at the bank have started informing staff, with fewer than 1,000 employees set to be laid off in February. Further job cuts are expected in mid-March, May, June, August, and September.

A bank spokesperson commented, “We regularly assess our business needs and adjust our staffing accordingly. While we continue to hire in several areas, we are also working to redeploy affected employees. This is part of our ongoing business management and impacts a very small percentage of our workforce.”

At the close of 2024, JPMorgan Chase employed 317,233 people, meaning the layoffs will affect approximately 0.3% of its total workforce.

Despite these job cuts, the banking sector’s operating environment has significantly improved. JPMorgan, the largest U.S. lender by assets, reported its highest-ever annual profit in 2024.

Meta Layoffs

Meta, meanwhile, is preparing for more company-wide layoffs while continuing to accelerate the hiring of machine learning engineers. In an internal memo, the company informed employees that layoffs would begin at 5 a.m. local time in most countries, including the U.S. Employees in Germany, France, Italy, and the Netherlands will be exempt due to local regulations, while those in other countries across Europe, Asia, and Africa will receive notifications between February 11 and February 18, Reuters reported.

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