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J.P. Morgan Announces Big Personnel Cuts

NEW YORK CITY-Good news for the economy spells bad news for those in mortgage banking.

By Rayna Katz | Updated on February 27, 2013

NEW YORK CITY-Continuing the trend of financial firms cutting back, J.P. Morgan Chase announced Tuesday that it will reduce its headcount by 17,000 people by the end of 2014. Among those cuts, 13,000 to 15,000 will be in mortgage banking, with the remainder of the job eliminations taking place in the consumer banking segment.

The move will have a “minimal impact” on New York as the mortgage business is headquartered elsewhere and the consumer cuts will take place nationwide, spokeswoman Amy Bonitatibus tells GlobeSt.com.

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