JPMorgan Mortgage, Community Units to Lose Up to 19,000 Jobs
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JPMorgan Chase & Co., the biggest U.S. bank, will eliminate as many as 19,000 jobs in mortgages and community banking through through 2014 as Chief Executive Officer Jamie Dimon trims expenses.
The lender, employing about 259,000 people at the end of December, will cut 13,000 to 15,000 jobs in its mortgage unit and 3,000 to 4,000 in community banking excluding home lending through the end of next year, the company said today in presentations on its website. Firmwide headcount will shrink by about 4,000 people this year, mainly through attrition, while some employees are redeployed to other areas, said Kristin Lemkau, a spokeswoman.