JPMorgan Chase & Co. (JPM) is the latest financial institution to announce
job cuts this year. The bank is planning 4,000 cuts this year, which is
about 1 percent of the bank’s workforce. A spokesperson said most of
those cuts will come through attrition.
JPMorgan Chase & Co. (NYSE:JPM) is the latest financial institution to
order another round of job cuts. The financial industry has been hit hard
by job losses in recent years. On Monday, it was announced that
Goldman Sachs Group, Inc. (NYSE:GS) was planning more job cuts.
order another round of job cuts. The financial industry has been hit hard
by job losses in recent years. On Monday, it was announced that
Goldman Sachs Group, Inc. (NYSE:GS) was planning more job cuts.
Morgan Stanley (NYSE:MS) has already announced that it doesn’t plan to
cut any more jobs any time soon, although we have yet to hear from
Citigroup Inc. (NYSE:C) on whether it will follow through on the cuts it
was said to be planning last month.
cut any more jobs any time soon, although we have yet to hear from
Citigroup Inc. (NYSE:C) on whether it will follow through on the cuts it
was said to be planning last month.
Today’s cuts from JPMorgan Chase & Co. (NYSE:JPM) were announced in a
presentation on the bank’s website. CEO, Jamie Dimo,n said the bank will
eliminate about 4,000 jobs this year, with the bulk of those jobs coming from
the bank’s mortgage division. The number amounts to about 1 percent of the
bank’s staff. A spokesperson for the bank told Reuters that most of the cuts
will come through attrition.
presentation on the bank’s website. CEO, Jamie Dimo,n said the bank will
eliminate about 4,000 jobs this year, with the bulk of those jobs coming from
the bank’s mortgage division. The number amounts to about 1 percent of the
bank’s staff. A spokesperson for the bank told Reuters that most of the cuts
will come through attrition.
Dimon is in the process of reducing the bank’s expenses by $1 billion in the wake of three consecutive years of reporting record net income. The bank also said it expects to have $28 billion in cumulative excess capital next year.
Bloomberg reports that JPMorgan Chase & Co. (NYSE:JPM) could see profits from its mortgage division fall this year because of increased competition and almost record low interest rates. In recent years, the bank’s mortgage profits have been one of the main drivers of its earnings.
source: valuewalk.com
