JPMorgan Chase has announced plans for a fourth round of layoffs at its Jersey City offices, set to take place in 2025. According to public filings, this latest reduction will be implemented on September 22 and will impact 88 employees. This brings the total number of job cuts in Jersey City by the bank to 417 workers this year, as noted in a notice filed with the New Jersey Department of Labor.
In related news, Barclays, a major British banking institution, disclosed that it would lay off 78 employees during June and July. This is in addition to the 69 employees who were laid off in January.
James Hughes, an economist at Rutgers University, commented previously to NorthJersey.com on the situation. He explained that white-collar jobs in banking and finance have become saturated following a two-year hiring surge after the COVID-19 pandemic.
