JPMorgan Chase eliminating hundreds of jobs in February

What’s going on at JPMorgan Chase?

JPMorgan Chase (JPMorgan) has kicked off one of its several planned workforce reductions in 2025 — eliminating hundreds of jobs in February.

According to reports, the bank is cutting fewer than 1,000 roles while it has 14,000 open positions.

“We continue to hire in many areas and work hard to redeploy impacted employees,” a spokesperson said — adding that moves like this are part of the “regular management of the business.”

JPMorgan didn’t provide details on when the next planned workforce reduction will take place.

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Impact on Canadian staff

Samfiru Tumarkin LLP is working to determine if Canadian employees at JPMorgan have been let go.

According to LinkedIn, the bank has more than 600 workers in the country.

Next steps for JPMorgan employees

If you’re fired or let go at JPMorgan, understanding your legal rights is crucial.

Non-unionized employees in Canada’s banking industry are entitled to severance pay. The amount you’re owed is based on a variety of factors, including your role, tenure, age, and ability to find similar work.

WATCH: Employment lawyer Lior Samfiru delves into severance pay on an episode of the Employment Law Show.

Here’s what you need to know:

• Compensation: Severance packages, which can be as much as 24 months’ pay, may include salary, bonuses, commissions, and other forms of compensation. Use our firm’s free Severance Pay Calculator to better understand your entitlements.
• Deadlines: You generally have up to two years from the date of your termination to review and negotiate severance offers.
• Action steps: Consult an employment lawyer at Samfiru Tumarkin LLP to ensure your severance package is fair and aligns with Canadian employment laws.

Major employers slashing staff

The latest workforce reduction at JPMorgan comes amid a flurry of job cuts to start 2025.

Other big names, including Vale, Meta, Canada Post, Workday, ADM, Amazon, Shopify, Stripe, BP, Microsoft, Hudson’s Bay, and Wayfair, have also pulled out the axe.

SEE ALSO
• ‘We lost our agility’: Estée Lauder planning to slash up to 7,000 jobs
• Canada’s immigration department slashing workforce by 25%
• Where are layoffs happening in Canada?

Lost your job? Contact us

If you’re fired or let go at JPMorgan for any reason, the experienced employment law team at Samfiru Tumarkin LLP can help.

Our lawyers in Ontario, Alberta, and British Columbia have helped tens of thousands of non-unionized individuals resolve their workplace issues.

Call us today at 1-855-821-5900 or request a consultation online.

Disclaimer: The materials above are provided as general information about the rights of non-unionized employees in Canada. It is not specific to any one company and SHOULD NOT be read as suggesting any improper conduct on the part of any specific employer, or a relationship between Samfiru Tumarkin LLP and a specific employer.