The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Financial Services Financial And Insurance Activities Financial Service Activities, Except Insurance And Pension Funding 64 - Financial service activities, except insurance and pension funding
4,000 - 19,000 jobs Number of planned job losses
Announcement Date
26 February 2013
Employment effect (start)
26 February 2013
Foreseen end date
28 February 2015
Description
JP Morgan Chase, one of the largest US banks, announced plans to significantly reduce its workforce in 2013. The company is planning to cut between 13,000 to 15,000 jobs at its mortgage unit, in addition to 3,000 to 4,000 jobs at its consumer banking business.
While the bank is planning to make 4,000 redundancies this year, the remainder of the job cuts will be carried out by 2015. According to the company, this year’s job cuts will mainly take place through attrition, with some staff being redeployed to different areas within the Bank. Moreover, there is an intention to create additional jobs, among other areas in the bank’s commercial banking and asset management business.
By the end of this year, the bank’s overall staff levels are expected to have fallen by 17,000 staff, representing a 6.5 per cent reduction compared to its current staff level of 259,000.
Sources
26 February 2013: Money Watch
26 February 2013: Bloomberg
26 February 2013: Financial Times
Citation
Eurofound (2013), JP Morgan Chase, Internal restructuring in World, factsheet number 74994, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/74994.
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