American banking giant JPMorgan Chase is reportedly planning to slash hundreds of jobs in its consumer banking division as part of its cost-cutting strategy.
The move could affect approximately 1% of the staff from the consumer banking unit, Bloomberg reported citing undisclosed sources.
Job cuts will impact employees across the division. The bank may formally inform employees next week, the report added.
The affected staff will also be offered a chance to apply for other roles at the bank, the sources told the publication.
The bank’s consumer unit comprises the credit-card, deposit, home and auto lending businesses. It accounts for approximately half of the banking group’s annual revenue.
The consumer & community banking division of the bank posted net revenue of $14bn in the fourth quarter of 2019, an increase of 3% compared to the year-ago period.
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