World Economy

Job Cuts

Job CutsJob Cuts

JPMorgan Chase & Co. will cut thousands of jobs over the next year as the biggest US bank by assets seeks to contain expenses and sells businesses, said a person with knowledge of the plans, NewsNow reported. The lender has been consolidating back-office support, cutting mortgage workers as home-loan volumes decline and reducing the ranks of tellers as more customers use automated channels, said the person, who asked not to be identified discussing personnel matters. The New York-based bank may cut more than 5,000 workers by next year. JPMorgan, which had 241,145 employees as of March 31, said in February it would pare $4.8 billion of expenses from its consumer- and investment-banking divisions.