JPMorgan Reportedly Plans To Cut Hundreds Of Jobs Across Consumer Unit

JPMorgan Chase & Co (JPM) plans to cut hundreds of jobs across its consumer unit, as the lender seeks to rein in costs, Bloomberg reported, citing people familiar with the matter.

The report did not specify the exact number of job cut but said the planned cuts represent about 1% of employees in the unit.

JPMorgan reportedly plans to notify the affected employees on February 6 and give them a chance to apply for other roles in the firm.

The consumer unit, which houses the deposit, credit-card, home and auto lending businesses, contributes nearly half of the firm's revenue.

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