JP Morgan to cut up to 19,000 jobs. Despite reporting record profits for the past three years, the bank is trying to reduce its overall expenses.
The job losses represent up to 7% of the company's overall workforce
JP Morgan Chase has said it plans to cut up to 19,000 jobs by the end of next year in its mortgage and community banking businesses.
The US bank revealed plans to reduce headcount by 3,000-4,000 at its consumer and community banking unit, and by 13,000-15,000 at its mortgage banking unit, in a presentation.
It expects about 4,000 losses to come this year, mainly through attrition, a spokeswoman said.
JP Morgan is the biggest US bank.
At the end of last year it employed almost 260,000 people.