Business

JPMorgan Chase cutting 8,000 jobs

NEW YORK — JPMorgan Chase plans to eliminate 8,000 jobs this year as its mortgage business shrinks and the giant bank aims to control costs at its branches.

About half of those job cuts had already been announced. JPMorgan Chase now plans to cut more jobs — about 3 percent of its workforce of 251,000 — as it tries to reduce $2 billion in consumer banking expenses by the end of 2016. But the bank said it would add about 3,000 jobs in other areas this year.

Advertisement

The cuts revealed Tuesday are in its mortgage and retail banking businesses. The bank cut 16,500 jobs last year in those areas.

JPMorgan’s mortgage business, like that of other big banks, is declining as fewer Americans refinance their home loans.

In November the company agreed to pay $13 billion to settle a civil inquiry into its sales of low-quality mortgage-backed securities that collapsed in value. It also announced a $4.5 billion settlement with 21 institutional investors over mortgage-backed securities issued by it and Bear Stearns between 2005 and 2008. JPMorgan acquired Bear Stearns in 2008.

Loading comments...
Real journalists. Real journalism. Subscribe to The Boston Globe today.
We hope you've enjoyed your free articles.
Continue reading by subscribing to Globe.com for just 99¢.
 Already a member? Log in Home
Subscriber Log In

We hope you've enjoyed your 5 free articles'

Stay informed with unlimited access to Boston’s trusted news source.

  • High-quality journalism from the region’s largest newsroom
  • Convenient access across all of your devices
  • Today’s Headlines daily newsletter
  • Subscriber-only access to exclusive offers, events, contests, eBooks, and more
  • Less than 25¢ a week
Marketing image of BostonGlobe.com
Marketing image of BostonGlobe.com