Layoff season: JPMorgan fires hundreds of mortage employees after hiring announcement

JPMorgan Chase & Co., in a shocking move, has announced that it would fire hundreds of mortgage employees right after announcing that it would work towards new hiring.

According to Reuters, JPMorgan Chase shared plans to hire over 500 bankers for small businesses through the next year. The company also said it had plans to boost the bank's workforce by close to 20 per cent.

A spokesperson from Chase told Reuters that the company reviews its business and customers' needs and adjusts its staffing based on the requirements. This creates new roles and, at the same time, reduces the number of positions when appropriate.

Earlier, the CEO, Jamie Dimon, said in an interview with Reuters when talking about job cuts at other banks that the outlook for hiring was up at the bank. He said that they are still opening branches and are still hiring consumer bankers, middle-market bankers, and small-business bankers. Additionally, he also said that the bank still has more clients that need to be covered.

Plans to hire in September 2022

In September 2022, the bank discussed plans to hire close to 2,000 engineers across the globe to combat the fierce competition for tech talent.

Disney layoff

Earlier in the day, Disney CEO Bob Iger announced that in order to cut costs, Disney would lay off close to 7,000 employees. During the earnings call, he said, "I do not make this decision lightly. I have enormous respect and appreciation for the talent and dedication of our employees worldwide and I am mindful of the personal impact of these changes."