JPMorgan Chase & Co Lays Off Hundreds of Mortgage Employees Hours After Announcing New Hirings

JPMorgan Chase & Co has cut hundreds of mortgage employees, hours after the company announced plans to hire some bankers.

New York: Just hours after announcing plans of new hirings of bankers, American multinational financial services company JPMorgan Chase & Co has cut hundreds of mortgage employees. Speaking to the media, a company spokesperson said, “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.”

Earlier in the day, JPM said it plans to hire more than 500 bankers catering to small businesses through 2024, boosting the bank’s workforce targeting the segment by 20% from more than 2,300 now.

In an interview with Reuters, JP Morgan CEO Jamie Dimon said the outlook for hiring remains up at the bank when asked about plans for jobs given cuts at other Wall Street banks.