JPMorgan Chase, a multinational bank, is reportedly planning to lay off fewer than 1,000 employees in February 2025, with the goal of making adjustments to position the company for future growth. The bank claims that the layoffs are part of its “regular management of the business” and that only a “very small number” of employees will be affected.
The layoffs are expected to be implemented in a series of phases, with terminations taking place in February, March, May, June, August, and September. However, the total number of employees who will be laid off by the end of 2025 remains unclear.
JPMorgan Chase believes that eliminating certain positions will allow the company to create new ones, and officials have stated that some of the impacted employees will be redeployed to take on new roles. The bank currently has around 14,000 open positions, and hiring is ongoing.
In a similar development, Infosys, an Indian IT firm, recently revealed that it had laid off around 500 fresh recruits, citing poor performance on internal assessments. The move has been met with widespread criticism, with many considering it “brutal and inhumane” that the terminated employees were given such short notice and no alternative arrangements for the night.
JPMorgan Chase’s layoffs, while smaller in scale, are also likely to have a significant impact on the affected employees, who will be forced to adjust to a new reality. The news comes as a significant blow to those affected, and it remains to be seen how the bank will support those who are losing their jobs.