JPMorgan Chase said it's on track to eliminate 3,000 more jobs this year than previously forecast in its mortgage and credit card divisions.
The company expects 4,000 job cuts in its card, merchant- services and auto unit, up from 2,000 previously announced, JPMorgan said Friday in a Web presentation. In mortgage banking, the New York-based bank said it expects to achieve about 7,000 reductions, compared with a prior forecast of 6,000.
Competitors including Wells Fargo & Co. and Bank of America Corp. have also been dismissing workers as refinancings that banks relied on to fuel profits decline. In February, JPMorgan said staffing cuts for the two divisions would total 8,000.
JPMorgan is also cutting hundreds of technology-support jobs in its corporate and investment bank as revenue declines, people with knowledge of the move said in July.
