JP Morgan to cut 8K jobs - Tucson News Now

JP Morgan to cut 8K jobs

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JP Morgan Chase bank officials told investors Tuesday that they would cut 8,000 jobs in the consumer and mortgage banking markets. (Source: CNN) JP Morgan Chase bank officials told investors Tuesday that they would cut 8,000 jobs in the consumer and mortgage banking markets. (Source: CNN)

(CNN) - Banking giant JP Morgan Chase announced plans Tuesday to eliminate thousands of jobs in 2014.

Bloomberg reported bank officials told investors they would cut 8,000 jobs in the consumer and mortgage banking markets.

That is about 5,500 more jobs than were forecast a year ago. The cutback has been blamed on a drop in demand for refinancing.

According to Bloomberg, JP Morgan Chase has planned to hire in other departments.

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