JPMorgan Plans To Cut 3,000 More Jobs In Card, Mortgage Units

(RTTNews) - Financial services giant JPMorgan Chase & Co. (JPM) plans to cut 3,000 more jobs this year than previously estimated across its mortgage and credit-card divisions.

Gordon Smith, Chief Executive Officer of Chase Consumer & Community Banking, said in a presentation that J.P. Morgan expects to cut 7,000 jobs in its mortgage-banking arm, compared with a prior forecast of about 6,000 job reduction.

The company also expects to cut about 4,000 jobs across the rest of its consumer and community banking arm, including in its merchant services, cards and auto units by the end of this year, up from about 2,000 previously announced.

Smith said that the rest of J.P. Morgan's CCB business, excluding mortgages, will see expenses grow 1% this year, which is in line with the target the bank laid out at its investor day. It also remains on track to cut $2 billion in expenses in its mortgage-banking arm from 2013 to 2014.

Looking to 2016, J.P. Morgan expects expenses to come in $2 billion lower than 2014 levels.