JPMorgan to cut 3,000 more jobs in retail banking divisionNovember 7, 2014 - 21:31 AMT PanARMENIAN.Net - JPMorgan Chase & Co (JPM.N), the largest U.S. bank by assets, said it would cut 3,000 more jobs than previously expected in its retail banking division, according to Reuters. The bank said it would reduce 4,000 jobs in its card, merchant services and auto unit, up from the 2,000 previously announced. The bank is also cutting 7,000 jobs in its mortgage banking unit, up from 6,000. JPMorgan will have eliminated 27,000 jobs by the year-end from its consumer bank unit over two years, even after additions for more risk controls and regulatory compliance. Some 18,000 jobs will have been taken out of mortgage banking, where the company has less work to do refinancing loans and handling troubled mortgages left from the financial crisis. Many big banks, including Wells Fargo & Co (WFC.N) and Bank of America Corp (BAC.N), have been laying off mortgage workers as higher interest rates make refinancing less attractive to homeowners. JPMorgan said it expects 146,000 Chase Bank jobs by the year-end, down by 11,000 from a year earlier. The bank expects its 2016 retail banking expense base to be $2 billion lower than in 2014, JPMorgan's retail bank head Gordon Smith said in an investor conference on Friday. Related links: Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | The Power of One Dram to benefit Road of Life charity The companies inform that the May beneficiary of The Power of One Dram is the “Road of Life” charitable organization. Ucom General Director gives lecture at French University in Armenia The General Director of Ucom Ralph Yirikian delivered a lecture at the French University of Armenia. Kazakhstan welcomes Yerevan, Baku’s agreement to meet in Almaty Kassym-Jomart Tokayev has welcomed the agreement of Baku and Yerevan to hold negotiations in Almaty. Armenia offers to temporarily host, preserve Gaza manuscripts The Armenian Foreign Minister has said Yerevan is ready to help preserve manuscripts from the conflict zone in Gaza. |