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Barclays, JPMorgan Chase, Meta and Novartis to lay off hundreds in NJ. NorthJersey.com Updated May 26, 2026, 12:40 p.m. ET Financial giant JPMorgan Chase and drugmaker Novartis have each rolled out three rounds of layoffs across New Jersey this year. Meanwhile, Facebook owner Meta and British bank Barclays announced they are also letting go of staff in the Garden State this year. The layoffs come as employers grapple with the impact of inflation, economic uncertainty, and to some degree, artificial intelligence replacing jobs, including entry-level positions. Meta, the parent company of social media platform Facebook, said in public filings that it was letting go of 74 employees across the state effective Aug. 20. Meta CEO Mark Zuckerberg told employees in last week's memo that companywide layoffs of 8,000 employees is necessary because "success isn't given" in the era of mass AI adoption, CNBC reported. Story continues below photo gallery A spokesperson for Meta did not immediately return an email Tuesday morning seeking comment for this story. JPMorgan Chase plans to lay off 305 employees, all in Jersey City: * 120 employees on May 3 * 134 employees on June 20 * 51 employees on August 3 "We regularly review our business needs and adjust our staffing accordingly - creating new roles where we see the need or reducing positions when appropriate," JPMorgan Chase spokesperson Briana Nowell said in an emailed statement. "This is part of our regular management of the business and impacts a very small number of employees." Jamie Dimon, JP Morgan's CEO, has warned that the widespread adoption of artificial intelligence will lead to job losses in the near future. Job losses due to AI. The investment firm Goldman Sachs cautioned in a March 2026 report that over the next decade, 6% to 7% of workers could lose their jobs due to AI. In April, AI job cuts accounted for nearly 50,000 positions, according to the job placement firm Challenger, Gray & Christmas. Last week, Dimon said that JPMorgan - the largest bank in the U.S. - would likely hire more AI experts and fewer traditional bankers. Novartis layoffs in NJ. Meanwhile, Swiss drugmaker Novartis plans 250 layoffs in New Jersey, all at its U.S. headquarters in East Hanover: * 114 employees between June 26 and Nov. 27 * 60 employees between July 24 and Nov. 20 * 76 employees on Nov. 21 Those job cuts come despite Novartis' plans to spend $23 billion to expand its U.S. operations, including at a facility in Millburn. "We regularly evaluate our organizational setup to ensure it remains aligned with evolving priorities," Novartis spokesperson Michael Meo said in an email. "We have communicated individual impacts to a select number of employees within our Biomedical Research organization." Barclays layoffs in Whippany. British banking giant Barclays, meanwhile, has plans to let go of 64 employees at its Whippany office between Aug. 10 and Sept. 10. The firm let go of 78 employees in 2025 and 70 staff in 2024, public records show. Barclays executives said in 2023 that the firm would lay off 5,000 people globally as part of a cost-cutting campaign, the BBC reported. Oksana Poltavets, a spokesperson for Barclays, declined to comment. Daniel Munoz covers business, consumer affairs, labor and the economy for NorthJersey.com and The Record.

JPMorgan Chase originated the new debt and services the long-term facility

JPMorganChase facilitating meaningful mentoring for The Next Gen Talent Network. JPMorganChase and The Brokerage partnership facilitates meaningful mentoring for The Next Gen Talent Network. When Business and Social Mobility Work Together For many young people, the barrier to a professional career is not ambition or ability - it is access. Access to networks. Access to insight. Access to opportunities that too often depend on who you know rather than what you can become. That is where The Brokerage exists to make a difference. For more than 25 years, The Brokerage has acted as a broker of opportunity - connecting ambitious young people from underrepresented backgrounds with employers committed to building a more inclusive future workforce. By bringing businesses and young people together through mentoring, skills development, work experience and career pathways, The Brokerage helps turn potential into possibility. A recent in-person Micro Mentoring session delivered in partnership with JPMorganChase at the firm's Canary Wharf headquarters is a firm reminder how access in action is a powerful combination. The session brought together 18 students, from first-year undergraduates through to graduates and postgraduate candidates - for focused CV and cover letter mentoring with JPMorganChase volunteers. Meaningful connections for young people In just 60 minutes, conversations filled the room as volunteers shared practical advice, industry insight and shared lived experience with young people preparing to navigate the professional world. With an almost 1:1 mentor-to-student ratio, the session created something that sits at the heart of The Brokerage's work: meaningful connection. Because social mobility is not simply about helping young people secure jobs. It is about helping them access spaces, networks and opportunities that have historically felt out of reach. For many young people, sessions like this represent a first opportunity to engage directly with professionals in global organisations - to ask questions openly, receive tailored feedback and begin to see themselves belonging within industries they may never previously have considered accessible. That confidence can be transformative. And it is made possible when employers move beyond intention and invest directly in access and opportunity. JPMorganChase's continued commitment to supporting young people reflects the growing recognition that creating a stronger economy means widening participation within it. Through investment in employability, mentoring and career readiness initiatives, the firm is helping more young people develop the skills, confidence and connections needed to succeed. Partnerships like this are also a reminder that charities and businesses each play a critical role in advancing social mobility. Businesses bring insight, opportunity and industry expertise. The Brokerage brings deep understanding of the barriers young people face, trusted relationships with diverse talent, and the ability to create programmes that genuinely connect employers with the next generation. Together, that partnership becomes powerful. At The Brokerage, The Brokerage is proud to broker opportunities that can change trajectories - helping young people move closer to meaningful careers, while supporting employers to build stronger, more representative talent pipelines for the future. Because when access expands, so does potential. And when businesses and charities work together with purpose, opportunity becomes something more people can truly reach. The JPMorganChase mentoring session created something that sits at the heart of The Brokerage's work: meaningful employer connection. Partner with The Brokerage The Brokerage works with employers across financial and professional services, insurance, property, technology and related sectors to help create pathways into professional careers for underrepresented young people. Through mentoring, work experience, skills programmes and recruitment support, The Brokerage help organisations turn social impact ambitions into meaningful action - while connecting employers with talented young people ready to thrive. To find out more about partnering with The Brokerage, visit: