Bloomberg News reports that the bank will eliminate between 13,000 and 15,000 jobs in its mortgage unit and between 3,000 and 4,000 jobs in its community banking operation. The cuts will take place through 2014. As of the end of 2012, JPMorgan Chase employed approximately 259,000 people.
JPMorgan Chase's announcement is the latest major job-cutting endeavor by a leading financial institution. In December, Citigroup Inc. said it would lay off 11,000 employees in its consumer banking unit and institutional clients group. Last year, Bank of America announced plans to cut 30,000 jobs, or 11% of its workforce, by 2015.