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.
The Financial Times reports 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 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.
The bank is said to be now looking at revamping its existing branch network with smaller buildings that make better use of new technology and require fewer staff.
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