JPMorgan, Novartis, Meta and Barclays cut jobs in New Jersey amid economic uncertainty

A series of layoffs announced by JPMorgan Chase, Novartis, Meta and Barclays is set to affect hundreds of employees across New Jersey, reflecting broader pressures facing employers as they adapt to economic uncertainty, inflationary challenges and rapid advances in artificial intelligence.

According to public filings and reporting by USA Today and NorthJersey.com, the four companies have disclosed workforce reductions across banking, technology and pharmaceutical operations in the state during 2026.

The job cuts come as businesses reassess staffing needs while investing in new technologies and seeking greater operational efficiency.

Banking sector accounts for significant share of reductions

Among the largest announced workforce reductions is at JPMorgan Chase, which plans to eliminate a total of 305 positions in Jersey City through three separate rounds of layoffs.

The bank's planned reductions include:

• 120 employees effective May 3
• 134 employees effective June 20
• 51 employees effective August 3

In a statement cited by NorthJersey.com, JPMorgan spokesperson Briana Nowell said the bank regularly reviews business requirements and adjusts staffing levels accordingly, creating new roles where needed and reducing positions when appropriate.

The company described the changes as part of its normal business management process and said they affect a relatively small number of employees.

The reductions come as JPMorgan Chief Executive Jamie Dimon has publicly discussed the impact of artificial intelligence on future workforce requirements. According to reports, Dimon recently indicated that the bank is likely to hire more AI specialists while relying less heavily on some traditional banking roles.

Meta continues restructuring efforts

Meta Platforms, the parent company of Facebook, has also disclosed job cuts in New Jersey.

Public filings show the company plans to eliminate 74 positions across the state, with the layoffs scheduled to take effect on August 20.

The workforce reductions form part of a broader restructuring effort at the technology giant.

According to CNBC, Meta Chief Executive Mark Zuckerberg recently informed employees that approximately 8,000 jobs would be eliminated across the company as it adapts to an era of widespread AI adoption.

In the memo cited by CNBC, Zuckerberg said that success could no longer be taken for granted as the technology landscape evolves rapidly.

Novartis trims research workforce despite investment plans

Swiss pharmaceutical company Novartis is also implementing three rounds of layoffs at its US headquarters in East Hanover, New Jersey.

The company plans to reduce its workforce by 250 employees, according to public records cited by NorthJersey.com.

The reductions are scheduled as follows:

• 114 employees between June 26 and November 27
• 60 employees between July 24 and November 20
• 76 employees on November 21

The workforce cuts come despite Novartis' previously announced plans to invest US$23 billion in expanding its US operations, including facilities in Millburn.

Novartis spokesperson Michael Meo said the company regularly reviews its organisational structure to ensure alignment with changing priorities. He noted that a select number of employees within the company's Biomedical Research organisation had been affected.

Barclays continues workforce reductions

British banking group Barclays has also notified authorities of planned job cuts at its office in Whippany, New Jersey.

According to public filings:

• 64 employees will be laid off between August 10 and September 10

The latest reductions follow previous workforce cuts by the bank.

Public records cited by NorthJersey.com show that Barclays eliminated:

• 78 positions in 2025
• 70 positions in 2024

The bank has previously announced broader cost-reduction measures. According to BBC reporting referenced by NorthJersey.com, Barclays executives said in 2023 that the company planned to cut approximately 5,000 jobs globally as part of an efficiency programme.

A Barclays spokesperson declined to comment on the latest reductions.

AI concerns increasingly shape workforce decisions

The latest job announcements arrive amid growing debate over the effect of artificial intelligence on employment.

According to a March 2026 report by Goldman Sachs, between 6 per cent and 7 per cent of workers could lose their jobs to AI-related disruption over the next decade.

Separate data from employment consultancy Challenger, Gray & Christmas, cited by NorthJersey.com, showed that AI-related job cuts accounted for nearly 50,000 positions in April alone.

While companies continue to emphasise operational efficiency and evolving business needs as primary drivers of workforce decisions, the increasing adoption of AI technologies is becoming a recurring theme across industries ranging from finance and technology to pharmaceuticals.

As employers accelerate investment in automation, data analytics and artificial intelligence capabilities, workforce restructuring is likely to remain a defining feature of the corporate landscape, particularly for organisations balancing cost pressures with long-term digital transformation goals.