JPMorgan Chase & Co. will cut thousands of jobs over the next year as the biggest U.S. bank by assets seeks to contain expenses and sell businesses, said a person with knowledge of the plans.
The lender has been consolidating back-office support, cutting mortgage workers as home-loan volumes decline and reducing the ranks of tellers as more customers use automated channels, said the person, who asked not to be identified discussing personnel matters. The New York-based bank may cut more than 5,000 workers by next year, the Wall Street Journal reported Thursday, citing people familiar with the matter.
