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JPMorgan May Slash 10,000 More Jobs Than Expected

Tuesday, May 20, 2014 - 10:18 AMJPMorgan Chase Bank, Dearborn - Details
JPMorgan may be cutting as many as 10,000 more jobs this year than previously announced. The nation’s biggest bank has already announced thousands of layoffs this year, primarily in its mortgage lending unit. It’s already laid off 11% of its workforce since 2011, and in February announced 8,000 layoffs in its consumer and community lending units. Last week the bank announced that it was cutting 155 jobs from a Long Island mortgage unit. Now thousands more job cuts could be on the books, the New York Post reported, citing company sources.

http://www.mpamag.com/mortgage/jp...-18206.asp
6
ShorebreakShorebreak2,674 posts since
Apr 6, 2010
Rep Points: 14,510
1. Tuesday, May 20, 2014 - 10:47 AM
Could it have anything to do with the billions it owes the government for it's corruption?  My local bank is already like a morgue.  Everyone must be doing online banking except me!  My teller friends must have known what was coming because about this time last year practically all of them quit and found other jobs.   They were smart to run before the cuts started.
3
paoli2paoli21,400 posts since
Aug 10, 2011
Rep Points: 6,132
2. Wednesday, May 21, 2014 - 12:31 PM
All Bank of America and Chase Banks have been sold or closed in my city. Only ATM locations advertised. 
1
Ally6770Ally6770930 posts since
Jan 16, 2010
Rep Points: 2,706
3. Wednesday, May 21, 2014 - 2:52 PM
#2  Maybe you live in some very small town where Chase doesn't do much business.  There is nothing on the internet about this.  I called our local Chase and was told they would have gotten some internal information on branches which were closed and they have heard nothing about it.  I can readily understand your Chase banks closing the branches in your city  if it were not financially feasible for them to keep open.  Do you have any links concerning this information?  Thanks.
1
paoli2paoli21,400 posts since
Aug 10, 2011
Rep Points: 6,132
4. Wednesday, May 21, 2014 - 5:00 PM
We have about 100,000 residents plus the outlying twps and cities and 2 of them have 30,000 residents each and you can't tell where the city stops and they start and we have 60 credit unions and branches but BOA sold 24 branches in SW Michigan in 2013. I have no info.

Just finished planting flowers and have to shower to go out tonight. 
Just do a google.

About the only banks left (besides several of the community banks of which 2 of the presidents have been presidents of the American Bankers Association and on the talk shows and one I worked for are PNC and Fifth Third. There is  a Chase in a grocery store one downtown. I am not sure that even Comerica is still here. People don't use banks much. The international  businesses do. We have a university and several colleges and community colleges and vo-tec schools in a 25 mile area. Three of them have about 20,000 each in my town, plus a business school.  So I think that they do on-line banking. We have a medical school and another one going in about 40 miles away. We have an international medical supply business and an international pharmaceutical here. We also have the biggest generic pharmaceutical about 10 minutes away.  A family from a big oil company lives here. A lot of business people travel. In fact I sold our house 2-3 years ago to a guy that works for a oil company. He is here 2 weeks and comes home for 2 weeks to work out of his home. His office was in Alaska. We have 5 public school systems within 15 miles from the center of town maybe more. Maybe BOA and Chase could not compete with the credit unions and smaller banks. I don't think PNC and Fifth Third have had any deals in quite a long time. PNC had a 5 year 5% CD about 2007 I think.  But there was a smaller credit union 25 miles away that had a 6.25% reward checking up to $25,000 at that time. 
2
Ally6770Ally6770930 posts since
Jan 16, 2010
Rep Points: 2,706
5. Wednesday, May 21, 2014 - 5:35 PM
I did a google before I posted this to you.  I could find nothing on this.  It might be under a different heading.  I would not be surprised what is going on with Chase in any city or town. It'll show up in the news sooner or later if they are closing more than those in your town. 
2
paoli2paoli21,400 posts since
Aug 10, 2011
Rep Points: 6,132
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