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JPMorgan Lays-off Hundreds of Mortgage Employees

Layoffs have been ongoing globally with 321 companies having laid off more than 90,000 employees.


In the banking sector Goldman Sachs in January began laying off its staff in a cost-cutting drive, with reports suggesting that around a third or 3,200 people were impacted which is said to be the largest among banks.


This news comes just hours after the company announced that it has planned to hire more than 500 bankers catering to small businesses through 2024, boosting the bank's workforce targeting the segment by 20% from more than 2,300 now.


"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," a Chase spokesperson told Reuters.


"We're still opening branches, and in general around the world, we are still hiring bankers, consumer bankers, small-business bankers, middle-market bankers, folks overseas... We have more clients to cover," he said.


JP Morgan CEO Jamie Dimon, in a interview to Reuters, said the outlook for hiring remains up at the bank when asked about plans for jobs given cuts at other Wall Street banks.


Just Last Month -


Cisco laid off a total of 673 workers as part of a "limited business restructuring" announced in November last year. Reportedly, 371 workers have been fired from the company’s headquarters and 222 workers, which includes primarily engineers and technical employees, were asked to leave its Milpitas office.


Also Amazon, Vimeo layoffs


Amazon has weathered uncertain and difficult economies in the past, and we will continue to do so. These changes will help us pursue our long-term opportunities with a stronger cost structure; however, I’m also optimistic that we’ll be inventive, resourceful, and scrappy in this time when we’re not hiring expansively and eliminating some roles," the CEO told the company employees.


Vimeo CEO Anjali Sud also announced that the company has decided to cut its workforce by 11% due to "uncertain economic environment.” This is the second round of job cuts in the company after it reduced the headcount by 6% in July last year.

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