JPMorgan Continues to Cut Jobs

American Banker reports that JPMorgan Chase will cut several hundred jobs within their consumer unit which includes deposit, credit card, home loan and their auto-lending businesses; many banks have been cutting jobs as consumer behavior has continued to shift to digital or app interactions; Gordon Smith runs the consumer bank and cut around 7,000 jobs in four years ending in 2018; while they have cut in some areas they have hired in others to set the bank up for the future; this investment they estimate will generate more than $1 billion of annual run-rate savings; 80% of transactions in the consumer bank were done so through self-service channels in 2018; while total headcount at the bank has fallen recently, JPMorgan has also been opening up branches in new states; they have also been increasing employees in lower cost areas. American Banker