JPMorgan Chase to cut 19,000 jobs

US banking giant JPMorgan Chase has announced plans to cut up to 19,000 jobs by the end of 2014, starting with slashing 4,000 jobs in 2013.

According to a statement released by the United States’ largest bank on Tuesday, the massive job cuts are aimed at cutting expenses through 2014, targeting the company’s mortgage and community banking businesses.
JPMorgan Chase will specifically cut 13,000 to 15,000 jobs in its mortgage division where the company spent over nine billion dollars in 2012, and 3,000 to 4,000 in community banking.
Opponents have been outspoken against the bank’s CEO Jamie Dimon who plans to reduce expenses by cutting jobs, adding that the bank has posted three straight years of record net income.
This comes as the US Department of Labor said last week that applications for state unemployment benefits rose to their highest level in six weeks, with nearly six million Americans currently receiving jobless benefits.
The unemployment rate in the United States increased 0.1 percent to 7.9 in January, and the rate of job increases remained far below what economists recommend to maintain healthy employment rates.