JPMorgan and Meta Announce Major Layoffs Despite Strong Financial Performance

JPMorgan Chase has begun laying off nearly 1,000 employees as part of a broader downsizing strategy continuing through 2025, despite record profits. Meanwhile, Meta is planning global job cuts while prioritizing AI and machine learning hires. Both companies cite business adjustments, with JPMorgan also enforcing a stricter return-to-office policy.

CONTENTS:

• JPMorgan Chase Announces Layoffs Amid Ongoing Downsizing Efforts, Meta Plans Job Cuts Worldwide
• JPMorgan Lays Off Nearly 1,000 Employees in First Round of 2025 Job Cuts
• JPMorgan Chase Cuts Nearly 1,000 Jobs Despite Strong Financial Performance, More Layoffs Planned for 2025

JPMorgan and Meta Announce Major Layoffs Despite Strong Financial Performance

JPMorgan Chase Announces Layoffs Amid Ongoing Downsizing Efforts, Meta Plans Job Cuts Worldwide

JPMorgan Chase has begun notifying employees about job cuts as part of a broader downsizing strategy set to continue throughout 2025, according to a report by Barron’s, which cited sources familiar with the matter.

The initial round of layoffs in February will affect fewer than 1,000 employees, with additional reductions expected in mid-March, May, June, August, and September. A spokesperson for the bank told Reuters that staffing adjustments are a routine part of business management, emphasizing that JPMorgan continues to hire in various areas and aims to reassign affected employees where possible.

By the end of 2024, JPMorgan Chase employed 317,233 people, meaning the planned layoffs represent approximately 0.3% of its total workforce. Despite these job cuts, the bank remains financially strong, having recorded its highest-ever annual profit in 2024.

Meta Layoffs

Meanwhile, Meta is also preparing for another wave of company-wide layoffs while prioritizing the hiring of machine learning engineers, according to an internal memo. Job losses are set to begin at 5 a.m. local time in most affected regions, including the United States.

However, due to local labor regulations, employees in Germany, France, Italy, and the Netherlands will be exempt from these cuts. Workers in over a dozen other countries across Europe, Asia, and Africa will receive their layoff notifications between February 11 and February 18, according to Reuters.

JPMorgan Lays Off Nearly 1,000 Employees in First Round of 2025 Job Cuts

JPMorgan Chase has initiated its planned job reductions for 2025, laying off approximately 1,000 employees in February, according to Reuters. The affected workers began receiving notifications last week.

A spokesperson for the banking giant described the layoffs as part of the company’s routine business management, impacting only a small fraction of its workforce. Barron’s reports that additional layoffs are expected in mid-March, May, June, August, and September.

At the end of December 2024, JPMorgan Chase employed 317,233 people, having grown its workforce since 2021. A significant hiring surge occurred in 2023 when the bank acquired First Republic Bank, adding 16,200 employees. However, since then, a few hundred of those positions have been eliminated.

Layoffs Despite Record Profits

The job cuts come despite JPMorgan achieving record earnings in 2024. The bank’s annual profit surged 18% to $58.5 billion, with fourth-quarter earnings alone contributing $14 billion.

This strong financial performance was driven by increased deal-making and a recovering stock market. Investment banking fees rose by 49%, while trading revenue saw a 21% boost in the fourth quarter.

“Businesses are feeling more optimistic about the economy, encouraged by expectations of a pro-growth agenda and improved collaboration between government and industry,” JPMorgan CEO Jamie Dimon stated during the company’s earnings call on January 15.

CEO Dimon Criticizes Work-From-Home Requests

In a separate development, CEO Jamie Dimon strongly opposed employee demands for continued remote work. During a town hall meeting on February 12, Dimon criticized a group of employees who had petitioned for the bank to reconsider its rollback of hybrid work policies.

According to Reuters, Dimon argued that remote work had led to decreased efficiency and creativity, citing issues such as employees not paying full attention during Zoom meetings. He also pointed to delays in approval processes as a factor impacting the bank’s overall productivity.

JPMorgan Chase Cuts Nearly 1,000 Jobs Despite Strong Financial Performance, More Layoffs Planned for 2025

New York, February 13 – JPMorgan Chase, a leading US-based financial services firm, has begun implementing job cuts, with nearly 1,000 employees affected in the first round. Despite the company’s strong financial performance, layoffs will continue throughout 2025, with additional rounds planned.

According to a report by Barron’s, some of the affected employees in the US were notified on February 5, 2025. Sources, who requested anonymity, indicated that the majority of the initial layoffs occurred at JPMorgan Chase’s Houston office.

A company spokesperson stated that these job reductions are part of routine business adjustments and impact only a small portion of the workforce. The spokesperson emphasized that the bank regularly assesses its staffing needs, adding roles where necessary and reducing positions when appropriate.

More Layoffs Scheduled in 2025

Further job cuts are planned for mid-March, May, June, August, and September. However, not all divisions within the company will be affected. As of December 2024, JPMorgan Chase employed approximately 317,000 people, but the company has not disclosed the total number of positions it plans to eliminate this year.

Despite these layoffs, JPMorgan Chase has reported record-breaking financial success. The bank’s stock surged 56% in 2024 and has already set nine new records in 2025. Additionally, the company created 7,000 new jobs last year and currently has 14,000 open positions.

Employee Dissatisfaction and Return-to-Office Mandate

The layoffs come at a time when JPMorgan employees have expressed growing frustration over unsatisfactory raises and bonuses. Adding to the discontent, the firm plans to enforce a five-day office work mandate starting in early March 2025.

Despite the workforce reductions, a JPMorgan spokesperson reassured that the firm continues to hire in various areas and is working to reassign affected employees where possible.