KUALA LUMPUR, Dec 5 (Bernama) -- Bursa Malaysia closed lower on Friday amid mixed regional market performance as investors turned cautious over a possible rate hike by the Bank of Japan (BOJ) and upcoming US economic data that may influence the Federal Reserve’s (Fed) interest rate decision next week. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) pared most earlier losses to settle 4.55 points easier, or 0.28 per cent, to 1,616.52 from Thursday’s close of 1,621.07. The benchmark index, which opened 0.37 of-a-point lower at 1,620.70, moved between 1,609.67 and 1,621.25 throughout the day. The broader market was negative, with decliners outpacing advancers 604 to 439. A total of 550 counters were unchanged, 1,151 untraded, and 18 suspended. Turnover declined to 3.17 billion units worth RM2.24 billion from 4.48 billion units worth RM2.75 billion yesterday. Rakuten Trade Sdn Bhd vice-presiden...
JPMorgan Chase has begun its first round of job cuts for 2025, affecting fewer than 1,000 employees in February, according to sources familiar with the matter. Despite record annual profits in 2024, the bank is planning additional layoffs later this year as part of routine business management.
💼 Key Layoff Details
🔹 Fewer than 1,000 employees to be laid off in February
🔹 Further job reductions expected later in 2025
🔹 JPMorgan still has 14,000 open positions, with hiring continuing in certain areas
💬 JPMorgan spokesperson: "These reductions are part of our regular business management. We continue to hire and work hard to redeploy impacted employees."
📌 Why It Matters: Despite strong profits and economic optimism, JPMorgan is streamlining operations to stay competitive in an evolving market.
📈 Banking Sector Outlook: Profits Soar, Uncertainty Lingers
📌 JPMorgan reported its highest-ever annual profit in 2024, benefiting from:
- A strong US economy
- Increased dealmaking and fundraising activities
- Rising investment banking fees
📌 However, the bank remains cautious amid policy uncertainties under the Trump administration.
💬 Jennifer Piepszak (COO, JPMorgan): "Market activity is picking up, but some companies remain on the sidelines, waiting for more economic policy clarity."
🔍 What’s Next?
✔️ More layoffs expected later in 2025
✔️ Continued hiring in key areas, despite job cuts
✔️ Monitoring of economic policies and their impact on financial markets
📌 Even as Wall Street profits rise, banks are tightening operations, preparing for potential shifts in market conditions.
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