JPMorgan Chase is planning to cut 3,000 more jobs than it had originally forecast, according to a New York Post article.
The cuts will be focused on the company’s mortgage banking and card services divisions. Card services will lose about 2,000 jobs, while the remaining 1,000 will come from the home loan
division. Those cuts bring JPMorgan’s total job eliminations up to 27,000 in the last two years.
The new job cuts were announced by Gordon Smith, head of JPMorgan’s consumer banking division, at a presentation in Boston, the Post reported. Smith said the company had seen “explosive growth” in mobile banking – which means the bank needs fewer personnel as more customers handle transactions online.
Big banks have been axing mortgage jobs by the thousands over the last year. In the second quarter alone, more than 19,000 mortgage jobs were lost.
The nation’s largest bank is cutting even more mortgage jobs.