“JPMorgan Chase is planning more job cuts in its mortgage business on top of the 13,000-15,000 positions already due to be slashed because of plunging demand for home loans.”
“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.”
“Jamie Dimon, chief executive, and his management team are due to address shareholders for the first time since the bank agreed to a record $13bn settlement with the Department of Justice and regulators to resolve allegations of mortgage mis-selling.”
“Despite two years of giant legal costs and fraught run-ins with regulators, the investor meeting comes at a time when the bank’s share price of $58.03 is close to a record high.”
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