JPMorgan Chase says it has cut hundreds of mortgage employees

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JPMorgan Chase says it has cut hundreds of mortgage employees

A person enters the JPMorgan Chase Co. New York Head Quarters in Manhattan, New York City.

Sources told Reuters on Wednesday that JPMorgan Chase Co has cut hundreds of mortgage employees after the company announced plans to hire some bankers.

A Chase spokesman told Reuters that they regularly review their business and customer needs and adjust their staff accordingly, creating new roles where they see the need or reducing positions when appropriate.

JPM said earlier in the day 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.

Jamie Dimon, JP Morgan CEO, said in an interview with Reuters that the outlook for hiring remains up when asked about plans for jobs due to cuts at other Wall Street banks.

We are still hiring banks, consumer bankers, small business bankers, middle-market bankers, and folks overseas, and we're still opening branches around the world. He said we have more clients to cover.