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JPMorgan Forecasts 8,000 Consumer, Mortgage Bank Job Cuts

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A Pedestrian Passes JPMorgan Chase & Co. Offices in New York
A pedestrian passes by JPMorgan Chase & Co. offices in New York. Photographer: Peter Foley/Bloomberg

Feb. 25 (Bloomberg) -- JPMorgan Chase & Co., the biggest U.S. bank, said it would eliminate about 8,000 jobs in the consumer and mortgage banking units this year as demand for refinancings declines.

The reductions would bring total staffing cuts to 24,500 in the two divisions since the start of 2013, New York-based JPMorgan said in a presentation today. Last year, the firm said it would eliminate as many as 19,000 in the two divisions by the end of 2014.

Competitors including Wells Fargo & Co. and Bank of America Corp. have been dismissing people as higher interest rates discourage the refinancings that banks relied on to fuel profits. JPMorgan employed 251,196 at the end of 2013, a decrease of 7,557 from the previous year, the company said in its quarterly earnings statement.

Mortgage banking results and applications slipped in the fourth quarter and JPMorgan said last month that “revenues will continue to be challenged.”

To contact the reporter on this story: Hugh Son in New York at hson1@bloomberg.net

To contact the editor responsible for this story: Peter Eichenbaum at peichenbaum@bloomberg.net

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