JPMorgan Chase layoffs: Banking giant announces job cuts, downsizing to last till Sept 2025

American banking giant JP Morgan Chase is laying off employees. As per reports, the company has begun notifying employees of job cuts as the bank begins its downsizing efforts.

Barron's reports that JPMorgan Chase's ongoing downsizing efforts, set to continue through 2025, will result in fewer than 1,000 job cuts in February, with additional layoffs planned for mid-March, May, June, August, and September.

"We regularly review our business needs and adjust our staffing accordingly," a JPMorgan spokesperson 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."

As of the end of 2024, JPMorgan had a workforce of 317,233, meaning the layoffs will affect just 0.3% of its total staff.

Despite the cuts, Reuters notes that the banking sector’s operating environment has improved significantly, with JPMorgan—the largest U.S. lender by assets—reporting its highest-ever annual profit in 2024.

JPMorgan isn't the only multinational entity that has announced layoffs. In the tech sector, Meta had recently announced that it is gearing up for another round of company-wide layoffs while simultaneously accelerating the hiring of machine learning engineers, according to an internal memo.

The memo from the Mark Zuckerberg-led company stated that job cuts would begin at 5 a.m. local time in most affected countries, including the U.S. However, employees in Germany, France, Italy, and the Netherlands will be exempt from the layoffs 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.