NEW DELHI: JPMorgan Chase & Company, a multinational investment bank has aggressive plans to cut 2,500 jobs from its consumer services division and is expected to communicate with affected employee base on February 6, a report Tuesday said.
The New York-based banking and investment firm would cut nearly 1% employees, according to a Bloomberg report which also added that the company might allow staffers to switch to other divisions before taking a final decision to fire the employees.
The company employs 256,000 people, and the affected base is expected to be around 2,500.
The company’s consumer arm constitutes deposit, credit card, home, and auto lending businesses that contribute to more than 50% of the company’s overall income.
The report added that JPMorgan’s spokeswoman declined to comment on the matter.
However, banks worldwide have slashed thousands of jobs following the slowing economy and consumer behaviour shift to adopt digital technologies.
HSBC and Deutsche Bank together have slashed more than 30,000 jobs in the second half of 2019.
Filings by financial institutions and labour unions indicated that banks worldwide have reduced 77,780 jobs in 2019 with more than 80% coming from Europe due to negative interest rates which are though expected to continue for some time.