JPMorgan Cuts More Mortgage, Card Jobs as Revenue Drops
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JPMorgan Chase & Co. expects to eliminate 8,000 more jobs this year in mortgage and community banking than it forecast 20 months ago as profit and revenue from the businesses drop.
The bank will cut about 3,000 more positions than it projected in February, when it increased the figure by 5,000, Gordon Smith, chief executive officer of the consumer bank, said today in a presentation. Those revisions brought the total for the past two years to about 27,000, compared with the New York-based bank’s estimate in February 2013 of 19,000.