JPMorgan plans to cut 3,000 more jobs this year

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JPMorgan to slash 3,000 more jobs
New York, Nov 7: JPMorgan, the nation's largest bank by assets, plans to cut 3,000 more jobs this year than previously planned in its card and mortgage business units.

The bank said in February that it was planning to eliminate about 2,000 jobs this year in its card, merchant services and auto unit, but now says that it will have cut a total of 4,000 jobs in the unit by the end of 2014.

JPMorgan will also eliminate more jobs in its mortgage unit, reducing up to 7,000 positions in that part of the bank, compared with an earlier target of 6,000. The New York bank employs about 251,000 employees worldwide, according to FactSet. The figures were disclosed in a presentation made yesterday by Gordon Smith, CEO of Chase Consumer.

PTI

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