American banking giant JPMorgan Chase is set to axe 3,000 more jobs from its retail banking division than previously expected.
Among the layoffs, 2,000 will be from the bank’s card, merchant, and auto division, while 1,000 will be from its mortgage banking unit.
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The cuts are deeper than the estimate originally projected by the lender, and has been triggered to reap cost benefits as more customers switch to mobile banking.
The bank aims to eliminate 27,000 jobs by the year-end from its consumer bank unit, up from its original estimate of 19,000 cuts.
The bank plans to end the year with 146,000 jobs in consumer and community banking, which is down by 11,000 compared to the previous year.
Gordon Smith, retail banking head of JPMorgan, said that the bank expects its 2016 retail banking expense base to be $2bn lower than the current year.
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By GlobalData
