Skip to main content
  1. News
  2. Top News

JPMorgan job cuts: 8,000 jobs to be cut sometime in 2014

See also

JPMorgan is preparing have a lot of job cuts, and they are all coming sometime in 2014. Fox 19 reported on Tuesday, Feb. 25, 2014, that JPMorgan Chase will indeed cut some 8,000 jobs in both the consumer and mortgage banking markets sometime before the year is over.

This number from JPMorgan is about 5,500 more job cuts than were originally predicted just last year. The blame for the job cuts falls on a drop in demand for refinancing. In 2013, 16,500 jobs were already cut from the same two areas.

The company is looking to control costs at its branches.

"We're seeing much lower volumes as we're going through the first quarter of 2014," said Gordon Smith, who runs the company's consumer and community banking business.

Close to half of the JPMorgan job cuts have already been announced, but the additional cuts are coming. They are going to happen as the company attempts to reduce $2.4 billion in consumer banking expenses by time the end of 2016 rolls around.

JPMorgan's 8,000 job cuts are equal to about three percent of the total workforce for the company which is around 251,000. With the job cuts, JPMorgan also announced that 3,000 jobs in other areas will actually be added sometime in 2014.

Along with the jobs cuts, JPMorgan Chase is looking to reduce the size of its branches as customers use online banking and ATMs more and more.

For e-mail updates whenever a new article is posted, please subscribe at the bottom of the page and follow me on Twitter, GoogleBuzz, or join my group on Facebook and Celebrity Buzz.



  • Al Qaeda video surfaces
    A video of an Al Qaeda meeting surfaces, concealed identities are raising suspicions
    Watch Video
  • Boston Marathon
    Boston cops shut down Boylston street after finding suspicious, unattended backpacks
    Top News
  • Death penalty for hate crime?
    Actions by the anti-Semitic gunman are being condemned by the unlikeliest of groups
    Crime News
  • New York gun control
    As many as one million New Yorkers are ready to disregard the state's new gun laws
  • Korean ferry capsizes
    Hundreds of passengers are missing after a ferry sinks off the South Korean coast
    World News
  • NYPD ends surveillance on Muslims
    The NYPD will end surveillance programs against Muslims in their own communities
    Watch Video

User login

Log in
Sign in with your email and password. Or reset your password.
Write for us
Interested in becoming an Examiner and sharing your experience and passion? We're always looking for quality writers. Find out more about and apply today!