JPMorgan (JPM) plans 8,000 layoffs this year as its mortgage and retail banking businesses shrink.
About half of those job cuts had
already been announced, but it is cutting more jobs than planned as it tries to
keep expenses down.
The new job cuts announced Tuesday are
split between its mortgage and retail banking businesses. They're on top of
16,500 layoffs last year in those areas.
For years, low interest rates caused a
boom in mortgage refinancing. But now interest rates are rising, and fewer Americans
are refinancing. JPMorgan and other big banks reported double-digit declines in
their mortgage business at the end of last year.
JPMorgan Chase & Co. also says it will add about 3,000 jobs in other areas this year.