Thursday, February 9, 2023

Despite plans to hire bankers, JPMorgan cuts hundreds of mortgage jobs


According to reports, JPMorgan Chase & Co. has reportedly laid off hundreds of mortgage employees. This information comes just a few hours after the company said that it planned to hire more than 500 bankers who work with small businesses through 2024. This will increase the bank's workforce that works with this market by 20%, from more than 2,300 at the moment to more than 500.

A Chase spokesperson stated to Reuters, "We regularly review our business and customer needs and adjust our staffing accordingly – creating new roles where we see the need or reducing positions when appropriate."

When asked about plans for jobs in light of layoffs at other Wall Street banks, Jamie Dimon, CEO of JP Morgan, stated in an interview with Reuters that the outlook for hiring at the bank remains positive.

"We are still opening new branches, and we are still hiring bankers, consumer bankers, small-business bankers, middle-market bankers, and people from overseas generally all over the world." "We need to cover more clients," he had stated.

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