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.
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.