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IPFS News Link • Employee and Employer Relations
It turns out that they didn't fire enough and/or that the housing
market contraction was far worse than even the banks, in their most,
pessimistic forecasts, had expected. Case in point: JPMorgan, which
after firing 15,000 in its mortgage business, has just revealed it will
fire thousands more.
Several thousand more cuts are planned, according to people familiar
with the matter, and could be announced at JPMorgan’s annual investor
day on Tuesday. They are part of a new efficiency drive at the largest
US bank by assets that also encompasses staffing branches with fewer
employees.
Profitability at JPMorgan remains stronger than at competitors such
as Bank of America and Citigroup but the bank is looking to find new
savings, partly because of technology that allows greater automation of
clerical functions in branches and partly because of a plunge in demand
for mortgage refinancings.
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1 Comments in Response to JPMorgan To Fire Thousands
More money for Jamie Dimon. Woo hoo!