World News

JPMorgan plans to cut hundreds of jobs in consumer unit: Bloomberg

(Reuters) – U.S. bank JPMorgan Chase & Co <JPM.N> is planning to cut hundreds of jobs across its consumer division, Bloomberg reported https://bloom.bg/2GsDvzw on Tuesday, citing people briefed on the matter.

The report did not mention the exact number of jobs to be cut but said the planned layoffs represent about 1% of employees in the unit.

JPMorgan will notify the impacted staff on Feb. 6 and give them a chance to apply for other roles at the bank, according to the report.

The consumer unit includes the credit-card, deposit, home and auto lending businesses, and makes for about half of the bank’s revenue.

JPMorgan told Reuters it had no comments on the report.

(Reporting by Kanishka Singh in Bengaluru; editing by Uttaresh.V)

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