JPMorgan Chase begins layoffs in 2025; Meta to cut jobs while expanding AI hiring
New York: JPMorgan Chase has begun notifying employees of job cuts as part of its planned downsizing throughout 2025, according to reports.
Citing sources familiar with the matter, Barron's reported that managers at JPMorgan Chase have started informing employees about the layoffs.
Fewer than 1,000 job cuts are expected in February, with additional reductions planned for mid-March, May, June, August, and September.
A JPMorgan spokesperson stated in an emailed response to Reuters, “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.”
At the close of 2024, JPMorgan employed 317,233 people, with the layoffs affecting approximately 0.3% of its workforce.
Despite the job cuts, Reuters noted that the banking sector’s operating environment has significantly improved, and JPMorgan, the largest U.S. lender by assets, recorded its highest-ever annual profit in 2024.
Meta layoffs
Meanwhile, Meta is also preparing for another round of company-wide layoffs while expediting the hiring of machine learning engineers, according to an internal memo.
The notice stated that job cuts would begin at 5 a.m. local time in most countries, including the U.S. However, employees in Germany, France, Italy, and the Netherlands will be exempt due to local regulations.
Workers in over a dozen other countries across Europe, Asia, and Africa will receive their notifications between February 11 and February 18, Reuters reported, citing the memo.
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