JP Morgan lays off hundreds of mortgage employees, hours after mega hiring announcement

JPMorgan Chase & Co has cut hundreds of mortgage employees, a source familiar with the matter told Reuters on Wednesday, hours after the company announced plans to hire some bankers."We regularly review our business and customer needs and adjust our staffing accordingly – creating new roles where we see the need or reducing positions when appropriate," a Chase spokesperson told Reuters.

Earlier in the day, JPM said it plans to hire more than 500 bankers catering to small businesses through 2024, boosting the bank's workforce targeting the segment by 20% from more than 2,300 now. In an interview with Reuters, JP Morgan CEO Jamie Dimon said the outlook for hiring remains up at the bank when asked about plans for jobs given cuts at other Wall Street banks. "We're still opening branches, and in general around the world, we are still hiring bankers, consumer bankers, small-business bankers, middle-market bankers, folks overseas... We have more clients to cover," he said. JP Morgan layoffs come just a few weeks after its competitor Morgan Stanley also announced layoffs in the view of a global economic slowdown. However, it must be noted that the financial services giant is yet to officially comment on its move to hand out pink slips.