|11-09-2014, 02:52 PM||#1|
JPMorgan expand job cuts for this year
J.P Morgan, the multinational banking and financial services holding company largest bank in the United States, assets totaling US$2.515 trillion and serving clients in more than 100 countries plans to expand its job cuts this year.
More than 3,000 workers will loose their jobs at J.P Morgan before the end of this year as affirmed by the bank this past Friday, beating prior expectation of job cuts set within the past two years.
J.P Morgan looks forward to end this year with almost the half of its total 250,000 workforce with 146,000 jobs in the consumer and community banking.
According to the bank such job cuts will allow it to cut costs in its mortgage unit as the demand for home refinancing has diminished this past period and more customers are tempted to use electronic statements rather than paper ones.
In the New York Exchange market the bank`s shares inclined by 0.4% or 24 cents to close at $61.64.
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