JPM To Lay Off 17,000 Mortgage Bankers In 2013 And 2014, Because The "Housing Recovery"

Tyler Durden's picture

The last time JPMorga had an investor day, Jamie Dimon explained to Mike Mayo why he is richer than him (and pretty much anyone else). This year, Jamie will be more focused on explaining to 8,000 JPM workers why after firing 16,500 people in consumer and mortgage banking, the bank will now let go another 2K and 6K in those same two groups (which will bring total mortgage and consumer banking headcount reductions between 2013 and 2014 to at least 17K and 7.5K, respectively). This may be tricky especially in the context of, you know, the housing and economic recovery, and stuff.

Source:  JPMorgan