JP Morgan layoffs are here, next in the list of financial services companies doing mass layoffs. As per latest reports, JP Morgan Chase & Co. has laid off hundreds of mortgage employees just a few hours after the company announced new vacancies and hiring for the same.
According to a Reuters report, JP Morgan announced its plans to hire more than 500 bankers. However, receding on them, a spokesperson told the media house, “We regularly review our business and customer needs and adjust our staffing accordingly – creating new roles where we see the need or reducing positions when appropriate.”
The report adds that before the JP Morgan layoffs announcement came, the hiring of bankers was to cater to small businesses through 2024. This was important as JP Morgan planned to boost the “bank’s workforce targeting the segment by 20 per cent from more than 2,300 now.”
In addition to this, the JP Morgan layoffs report by the media house also adds that earlier the company’s CEO Jamie Dimon said that the outlook for hiring remains up at the bank. “We’re still opening branches, and in general around the world, we are still hiring bankers, middle-market bankers, folks overseas… We have more clients to cover,” Reuters quoted JP Morgan’s CEO as saying.
JP Morgan layoffs come just a few weeks after its competitor Morgan Stanley also announced layoffs in the view of a global economic slowdown. However, it must be noted that the financial services giant is yet to officially comment on its move to hand out pink slips.