As reported by Reuters, JP Morgan Chase & Co. has joined the league of corporations firing off workers this year. The company has decided to slash hundreds of mortgage employees.
The decision arrived after the company declared its plans to recruit new bankers in its firm to formulate new ideas and views.
“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.
JP Morgan announced its plan to recruit more than 500 bankers to satisfy small businesses by 2024. This will help boost the bank’s working team by targeting the group by 20%, from more than 2300 currently.
After the company’s CEO Jamie Dimon was asked whether his company has any plans for job cuts at other banks on Wall Street, he informed the press that the scenario to hire new people is stationed up to the bank only and not others.
“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.
JPMorgan is a Wall Street giant, along with Goldman Sachs. Both companies have decided to lay off their employees as the market witnesses degrading economic growth even to make a deal. Several mortgage lenders have also cut their workforce to save costs.
About JP Morgan:
JPMorgan Chase & Co. is a Delaware-incorporated, New York City-based global financial services firm. By market valuation, it ranks as the biggest bank in America and internationally (as of 2023).
The Board of Financial Stability considers the institution as having systemic importance since it is the biggest of the Big Four banks. Because of its size and scope, now there is strong regulatory monitoring and an inner “Fortress Balance Sheet” in addition to liquidity reserves.
The company’s existing Midtown Manhattan location is 383 Madison Avenue, and in 2025 it intends to shift there to the JPMorgan Chase Tower, which is now under development. It was founded by Aron Burr, Balthazar P. Melick, John Pierpont Morgan, and John Thompson on December 1, 2000. As of 2022, it gained revenue of $ 132 .3 Billion.