JPMorgan Chase To Cut 2,000 Additional Jobs
Source: International Business Times
JPMorgan Chase is planning to cut 2,000 more jobs on top of 13,000 to 15,000 job cuts already planned, the Financial Times reported Monday. An announcement is expected on Tuesday.
The cuts are a results of a combination of less demand for mortgage refinancing and JPMorgans use of labor-saving technology. Online financial services allow the largest bank in the United States to rely less on physical locations and of course, humans.
JPMorgans new strategy will mean smaller branches and a heavier reliance on online banking. The company will display a branch of the future at its headquarters on Park Avenue in New York City on Tuesday.
JPMorgan Chase currently employs around 255,000 people and it made $17.9 billion in net income last year.
Read more: http://www.ibtimes.com/jpmorgan-chase-nysejpm-cut-2000-additional-jobs-1557673
L0oniX
(31,493 posts)Didn't need them anyway now that I have a nice credit union low interest credit card.
Munificence
(493 posts)democratisphere
(17,235 posts)15,000 to 17,000 more jobs will be lost. Appears there will be lots of job losses for 2014.
msongs
(67,478 posts)DallasNE
(7,404 posts)And its another reason they need to go after the executives that actually commit the crime rather than the stockholders and employees that support the stockholders.