JPMorgan to cut up to 17,000 jobs by end of next year
New York: JPMorgan Chase & Co has plans to cut 17,000 jobs by the end of 2014, a news wire has reported.
The bank is optimistic that it can generate record income this year and is planning to add 4,000 employees in commercial and investment banking and credit cards to help it win business, bank executives said at an investor conference.
That hiring will be more than offset by job cuts in areas like mortgage servicing and retail banking, where the bank is positioning for a recovering housing market and new forms of branch banking. The net impact of the additions and cuts will be 17,000 fewer employees on the bank's payrolls.
The job cuts reflect the pressure that banks are under, even as the US housing market and overall economy show signs of recovery. Many banks are looking to automate more of their businesses to make their staff more productive and improve profits.
With Agency Inputs