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JPMorgan to Slash Hundreds of Jobs Across Its Consumer Unit

  • Cuts represent about 1% of retail workers, will be scattered
  • Company intends to notify affected employees on Feb. 6
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JPMorgan to Cut Hundreds of Jobs Across Consumer Unit
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JPMorgan Chase & Co. plans to dismiss several hundred workers from its consumer unit as the lender seeks to rein in costs, according to people briefed on the matter.

The biggest U.S. bank intends to notify employees on Feb. 6 and cuts will be scattered across the division, said one of the people, who asked not to be identified discussing personnel decisions. The retail unit, which houses the deposit, credit-card, home-loan and auto-lending businesses, contributes almost half of the firm’s revenue.