JP Morgan Chase & Co has stunned the industry by announcing layoffs for hundreds of its mortgage employees despite previously indicating plans for new hiring.
In September of 2022, JP Morgan announced its intention to hire approximately 2,000 engineers worldwide in response to the intense competition for technology talent. However, this round of layoffs will affect bankers specializing in mortgages and mortgage planning.
According to Reuters, Jamie Dimon, CEO, JP Morgan, stated that the company intends to recruit over 500 small business bankers by 2024. In an interview with Reuters, Dimon also emphasised that JP Morgan’s outlook for hiring remains positive. He added, “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.”
A representative from the Wall Street bank also stated that JP Morgan frequently evaluates its operations and customer requirements, and adjusts its workforce accordingly by either creating new positions or reducing existing ones if deemed necessary.
Earlier in the day, Disney also revealed plans for layoffs that are expected to impact approximately 7,000 employees due to a decrease in subscribers. In January of this year, JP Morgan’s major competitor Goldman Sachs also implemented job cuts of around 3,200. Following this, CEO David Solomon took a 25 per cent reduction in pay.
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