The nation’s biggest bank has already announced thousands of layoffs this year, primarily in its mortgage lending unit. It’s already laid off 11% of its workforce since 2011, and in February announced 8,000 layoffs in its consumer and community lending units. Last week the bank announced that it was cutting 155 jobs from a Long Island mortgage unit. Now thousands more job cuts could be on the books, the New York Post reported, citing company sources.
JPMorgan is hardly the only major lender slashing jobs. About 22,000 mortgage employees were handing their walking papers in the fourth quarter. For all of 2013, mortgage employment was slashed by 31,931 employees – the most since 2008. The nation’s biggest lenders were also the biggest firers last year; JPMporgan and Bank of America handed out about 4,000 pink slips apiece, while Wells Fargo gave more than 6,000 employees the axe.
JPMorgan may be cutting as many as 10,000 more jobs this year than previously announced.