JPMorgan Lays Off Hundreds Of Mortgage Employees Hours After Announcing New Hirings, Says Report
Edited By: Namit Singh Sengar
Last Updated: February 09, 2023, 10:50 IST
Jamie Dimon, Chairman of the Board and Chief Executive Officer of JPMorgan Chase & Co., gestures as he speaks during an interview with Reuters in Miami, Florida, U.S., February 8, 2023.
Earlier in the day, JPM said it plans to hire more than 500 bankers catering to small businesses through 2024
JPMorgan Chase & Co (JPM.N) has cut hundreds of mortgage employees. This came hours after the company announced plans to hire some new bankers, news agency Reuters reported.
“We regularly review our business and customer needs and adjust our staffing accordingly – creating new roles where we see the need or reducing positions when appropriate,” Reuters quoted a Chase spokesperson as saying.
Earlier in the day, JPM said it plans to hire more than 500 bankers catering to small businesses through 2024, boosting the bank’s workforce targeting the segment by 20% from more than 2,300 now.
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When asked about JPMorgan’s plans for jobs given cuts at other Wall Street banks, its CEO Jamie Dimon had told Reuters that the outlook for hiring remains up at the bank.
“We’re still opening branches and in general around the world, we are still hiring bankers, consumer bankers, small business bankers, middle market bankers, folks overseas… we have more clients to cover,” he said.
Wall Street giants, including Goldman Sachs Group Inc and Morgan Stanley, have cut thousands of jobs as a worsening economic outlook depressed dealmaking, while mortgage lenders have also trimmed staff.
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