JP Morgan Chase & Co has reportedly laid off hundreds of mortgage employees just hours after announcing plans to hire some bankers.

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According to a news report by Reuters citing sources within the company JP Morgan Chase & Co, the company has decided to create new roles and also reduce positions accordingly.

"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 announced it would increase its workforce devoted to serving small businesses by hiring over 500 bankers through 2024, up from over 2,300 at present.

Also read: Credit Suisse is delaying compensation of day for some of its bankers

When asked about plans for jobs given layoffs at other Wall Street banks, JP Morgan CEO Jamie Dimon stated in an interview with Reuters that the forecast for recruiting at the bank remains up.

Also read: 'How quickly life can turn upside down' — Indians bear brunt of Goldman Sachs layoffs

"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.

Layoffs have been ongoing globally with 321 companies having laid off more than 90,000 employees. In the banking sector Goldman Sachs in January began laying off its staff in a cost-cutting drive, with reports suggesting that around a third or 3,200 people were impacted which is said to be the largest among banks.

Bloomberg reported in November last year that Credit Suisse Started slashing 2,700 jobs in the fourth quarter and plans to eliminate around 9,000 positions by 2025. Further in December last year Morgan Stanley reportedly laid off about two percent of its staff. The fresh round of layoffs impacted 1,600 employees of the investment management company's 81,567 strong workforce around the world.

Also read: Morgan Stanley lays off nearly 1,600 employees globally: Report

First Published:Feb 9, 2023 12:16 PM IST