After hiring announcement, JPMorgan fires hundreds of mortgage employees
1 min read . Updated: 09 Feb 2023, 11:39 AM IST
PremiumEarlier in the day, JPM said it plans to hire more than 500 bankers catering to small businesses through 2024.
Hours after JPMorgan Chase & Co announced plans to hire some bankers, the company has joined the global layoff drive and cut hundreds of mortgage employees, a source familiar with the matter told Reuters on Wednesday.
A Chase spokesperson said that the company regularly reviews its business and customer needs and adjusts the staffing accordingly by creating new roles that it sees the need for 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.
"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.
A majority of small business owners surveyed by JPMorgan expect a recession this year but they also remain optimistic, with two-thirds seeing increased sales and 65% anticipating higher profits.
In September, JPMorgan's global chief information officer Lori Beer told Reuters the company planned to add about 2,000 engineers worldwide amid fierce competition for tech talent. More broadly, the bank's global headcount rose 8% to 293,723 last year.
Wall Street giants, including Goldman Sachs Group Inc and Morgan Stanley, have cut thousands of jobs as a worsening economic outlook depressed dealmaking, while mortgage lenders have also trimmed staff. The tech industry has followed suit, announcing tens of thousands of layoffs as a potential recession looms.
Earlier on Wednesday, the entertainment giant Disney also fired 7,000 employees. The group employed 190,000 people worldwide as of October 2, 2021, 80 percent of whom were full-time.
(With Reuters inputs)
