JP Morgan lays off hundreds of mortgage employees after hiring announcements

Earlier in the day, JPM announced it would increase its workforce devoted to serving small businesses by hiring over 500 bankers through 2024, up from over 2,300 at present.

When asked about plans for jobs given layoffs at other Wall Street banks, JP Morgan CEO Jamie Dimon stated in an interview with Reuters that the forecast for recruiting at the bank remains up.

"We're still opening branches, and in general around the world, we are still hiring bankers, consumer bankers, small-business bankers, middle-market bankers, folks overseas. ... We have more clients to cover," he said.

Layoffs have been ongoing globally with 321 companies having laid off more than 90,000 employees. In the banking sector Goldman Sachs in January began laying off its staff in a cost-cutting drive, with reports suggesting that around a third or 3,200 people were impacted which is said to be the largest among banks.

Bloomberg reported in November last year that Credit Suisse Started slashing 2,700 jobs in the fourth quarter and plans to eliminate around 9,000 positions by 2025. Further in December last year Morgan Stanley reportedly laid off about two percent of its staff. The fresh round of layoffs impacted 1,600 employees of the investment management company's 81,567 strong workforce around the world.