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.

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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:

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. 

Email: munozd@northjersey.com; Twitter:@danielmunoz100, Facebook and Instagram

This article originally appeared on NorthJersey.com: Barclays, JPMorgan Chase, Meta and Novartis to lay off hundreds in NJ