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JPMorgan Chase to trim 8,000 jobs on weak refinancing busines


JPMorgan Chase & Co. (NYSE:JPM), the largest U.S. bank by assets, dropped in midday trading after it unveiled plans to eliminate roughly 8,000 jobs as demand for refinancing declines.

JPMorgan slid 0.8 percent to $57.55 at 1:17 p.m. in New York.

JPMorgan said in a presentation today that the jobs to be eliminated are in the bank's consumer and mortgage banking units, Bloomberg reported.

Job reductions over the past several years at JPMorgan have been massive, even in a recovering economy. Since the start of 2013, total staff cuts at the company have numbered 24,500, the company revealed in the presentation. Back in 2013, the firm indicated it would ax up to 19,000 in the two divisions by the end of this year.

JPMorgan said that it employed 251,196 people at the end of last year -- down 7,557 from 2012.

“We now have clarity on most of the regulatory rules, and we believe that we, more than others, will successfully adapt to the new financial architecture and will emerge where we started -- with best in class margins and returns,” Chief Financial Officer Marianne Lake said at the investor conference.

The New York-based company also increased its target for annual net income to $27 billion from last year’s $18 billion as legal costs subside and higher rates increase interest income from loans and investments.



Quick facts: JPMorgan Chase & Co

Price: 122.34 USD

Market: NYSE
Market Cap: $372.92 billion

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