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JP Morgan To Cut 5,000 Jobs This Year

Just earlier today, JP Morgan has confirmed that it it will relieve around 5,000 of its current workers in this year. The company's CFO said that they are planning to cut 8,000 jobs from consumer bank, while adding around 3,000 in risk controls.  This seems to be a regular habit for JP Morgan, as they also trimmed down the workforce last year due to new technology (and less need for manual labor).

Prior to this, JP Morgan has also been cutting jobs from the mortgage unit due to improvement in portfolios. This new 5,000 job cut will relieve the bank of around 2% of their workforce. Last year, they cut off around 7,600, which amounted to 3% of its workforce.