New York: JPMorgan Chase has commenced notifying employees about upcoming job cuts as part of its planned downsizing for 2025, according to sources familiar with the matter.
Reports from Barron’s reveal that managers at JPMorgan Chase have started informing workers about the layoffs, which will affect fewer than 1,000 employees in February. Additional cuts are scheduled for mid-March, May, June, August, and September.
In a statement to Reuters, a JPMorgan spokesperson emphasized, “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.”
As of the end of 2024, JPMorgan employed 317,233 individuals, and the layoffs will impact roughly 0.3% of its workforce. Despite these cuts, the banking sector has seen improved operating conditions, with JPMorgan—the largest U.S. lender by assets—reporting its highest-ever annual profit in 2024.
In a separate development, Meta is also planning to implement another round of company-wide layoffs, but is simultaneously ramping up its hiring of machine learning engineers, according to an internal memo.
The memo stated that layoffs would begin at 5 a.m. local time in most countries, including the U.S., but employees in Germany, France, Italy, and the Netherlands will be exempt due to local labor regulations. Notifications for workers in other countries across Europe, Asia, and Africa will be sent between February 11 and February 18, as reported by Reuters.
