JPMorgan Chase has said it would cut 8,000 jobs at its consumer and community banking division in 2014.
During its annual conference with investors on 25 February 2014, JPMorgan Chase CEO Jamie Dimon told media sources that the job cuts are part of the adjustments the company has to make continually as its business changes.
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"You’re always trimming the sails. That’s business," Dimon added. "Obviously headcount is coming down in some of the businesses. That is life."
The job cuts include around 6,000 full-time and contract jobs from its home loans unit and around 2,000 from its branch and credit-card network.
The reduction in the workforce is driven by growing customer self service trends and fall in the mortgage lending business, claimed the company.
JPMorgan, however, also plans to add 3,000 new jobs in its control function including areas such as compliance, bringing the overall job cuts in 2014 to 5,000.
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By GlobalDataThe job cuts in mortgage banking increases the total number of mortgage cuts announced by the company in 2014 to 17,000.
