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More Mortgage and Branch Job cuts at JPMorgan

The drop in demand for mortgage refinancing has pushed a lot of big banks to downside their mortgage operations. According to the Financial Times, JPMorgan Chase & Co. (NYSE:JPM) has already slashed between 13,000-15,000 jobs within its mortgage business. For the current period, the bank is planning reduce its total headcount by 5,000. Most of the layoffs will come from further reductions in the mortgage business and branch jobs. JPMorgan is looking to eliminate a lot of branch jobs as a result of the explosion of online banking.