JPMorgan Chase Announces Layoffs In Feb, More Cuts Expected: Report

American multinational bank, JPMorgan Chase, has started notifying employees of job cuts as part of a series of downsizing efforts throughout 2025, reports said.

Barron's reported, citing people familiar with the matter, that managers at JPMorgan Chase have started informing employees. Fewer than 1,000 employees will be laid off in February and the bank is planning to announce cuts in mid-March, May, June, August and September.

"We regularly review our business needs and adjust our staffing accordingly," a spokesperson for the bank said in an emailed statement to Reuters.

"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."

At the end of 2024, the bank had 317,233 employees, and the layoffs would account for 0.3% of its total workforce.

Reuters reported that the banking sector's operating environment has improved considerably. JPMorgan, the biggest US lender by assets, earned its highest-ever annual profit in 2024.

Meta Layoffs

Recently, Meta has prepared for more company-wide layoffs, while pushing ahead with expediting the hiring of machine learning engineers, it said in a memo to its staff.

The notice said employees would start losing their jobs at 5 a.m. local time in most countries, including the US.

Employees in Germany, France, Italy and the Netherlands will be exempt from the cuts "due to local regulations," while those in more than a dozen other countries across Europe, Asia and Africa will receive their notifications between February 11 and February 18, Reuters reported quoting the internal memo.