J.P Morgan Decides to cut 5000 Jobs



J.P Morgan has said that it would cut the 5000 jobs in this year.  Marianne Lake the chief financial officer of the company disclosed that “we are going to cut 8000 jobs from consumer banking”. He said on Tuesday that company would add about 3000 jobs in risk control. He had already made this clear last year and the company fired a big number of employees from its branches owing to reliance over the latest technology.

Furthermore, the bank has also decided to relinquish some employees from the mortgage unit and says that it does not need workers for troubled loans.  It has been analyzed that the cutting of 5000 jobs will cut 2% labor force from the company. The bank had cut 7600 jobs in 2013 which stood at 3% labor cut from the total labor force of the industry.

Source: http://www.marketwatch.com/story/jp-morgan-confirms-it-will-cut-net-5000-jobs-2014-02-25-9913016

Leave a Reply