JPMorgan Set To Cut 1% Of All Jobs In Consumer Unit: Report

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Investment bank JPMorgan Chase & Co. (NYSE: JPM) is cutting about 1% of all its staff in the consumer unit to reduce costs, Bloomberg reported Tuesday.

What Happened

Bloomberg didn't provide the exact number of employees at risk of losing their jobs but said the number would be in the hundreds. The employees would have a chance to apply for other roles in the bank, people familiar with the matter told the publication.

JPMorgan will notify the staff about the cuts on February 6, according to Bloomberg. The consumer-facing unit deals primarily with …

Full story available on Benzinga.com

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