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Tue Feb 26, 2013, 05:20 PM

JPMorgan to slash 19,000 jobs by end-2014

AFP - US banking giant JPMorgan Chase plans to axe up to 19,000 jobs by the end of 2014 as it seeks to rein in costs, the company said Tuesday in an investor presentation.

JPMorgan Chase intends the majority of the cuts -- between 13,000 to 15,000 -- in the mortgage banking division, where the company spent $9.1 billion in 2012.

Another 3,000 to 4,000 jobs will be eliminated in the non-mortgage areas of its consumer and community banking division.


This is to be expected as the need for employees to manage foreclosures winds down. Interest rates are likely to be rising, which will also largely eliminate re-financings.

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