American banking giant JPMorgan Chase is reportedly planning to slash hundreds of jobs in its consumer banking division as part of its cost-cutting strategy.
The move could affect approximately 1% of the staff from the consumer banking unit, Bloomberg reported citing undisclosed sources.
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Job cuts will impact employees across the division. The bank may formally inform employees next week, the report added.
The affected staff will also be offered a chance to apply for other roles at the bank, the sources told the publication.
The bank’s consumer unit comprises the credit-card, deposit, home and auto lending businesses. It accounts for approximately half of the banking group’s annual revenue.
The consumer & community banking division of the bank posted net revenue of $14bn in the fourth quarter of 2019, an increase of 3% compared to the year-ago period.
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