FT: JPMorgan to cut thousands of extra jobs


JPMorgan (JPM) plans to slash thousands more jobs at its mortgage business and at its branches amid plummeting demand for home loans and the increased automation of clerical jobs, the FT reports.

The cuts would be part of a new efficiency program and would add to the 10,000-15,000 positions that JPMorgan has already axed.

The bank intends to reduce branch staff via attrition over time.

JPMorgan could announce the job cuts at its annual investor day today.

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Comments (5)
  • june1234
    , contributor
    Comments (4262) | Send Message
     
    "plummeting demand for home loans"
    25 Feb 2014, 03:22 AM Reply Like
  • acesfull
    , contributor
    Comments (435) | Send Message
     
    June, I noticed that myself. Does'nt bode well for the economy. Thousands of jobs dumped. And now our government is reducing around 120,000 military jobs. So where are all these people going to go to find those great middle class jobs? And who is going to be buying houses? Middle income folks are now looking at higher car payments, higher taxes, higher insurance, college loan debt and shrinking income. I hope this isn't leading to another recession. If the Market takes a big correction, we'll all be in deep doo doo.
    25 Feb 2014, 06:51 AM Reply Like
  • quabbin
    , contributor
    Comments (127) | Send Message
     
    I think Dave in Denver pretty much nailed this one.

     

    Maybe deleveraging is not complete yet and even when it is that doesn't mean people will be too excited to take on the burden of debt again. Perhaps our consumerism mindset is changing. I know mine has.
    25 Feb 2014, 07:30 AM Reply Like
  • DavidFriedmam
    , contributor
    Comments (2) | Send Message
     
    A the big shift away from secure paternalistic "jobs" is underway. Just like from the 50's to the 90's we lost "career employment", we may now be looking at the permanent reduction in jobs. The good news? Those who have the will and skill to start their own businesses can do so easier than ever before, and I dare say easier than any country on earth. Just check out options to find customers like uber, taskrabbit.com, and zurved.com.
    25 Feb 2014, 08:33 AM Reply Like
  • acesfull
    , contributor
    Comments (435) | Send Message
     
    Dave, those who have the "will and skill" represent a minute portion of the work force. That's not doing much to help the vast majority earn a decent living. The way I see it, if interest rates begin to climb and inflation kicks in, there is a real possibility of falling back into recession. Like you say, those "paternalistic jobs" are going away. But we all can't be shopkeepers. In my opinion, that's a scary picture of what the future holds. So how did we let ourselves get into this mess?
    26 Feb 2014, 07:35 AM Reply Like
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