US bank JPMorgan Chase is planning to cut hundreds of jobs across its consumer division as the lender seeks to rein in costs, Bloomberg reported.
The biggest US bank's decision is part of a broader review of operations as customers increasingly access banking services through mobile phones or digital platforms.
JPMorgan will notify the impacted staff on Feb. 6 and give them a chance to apply for other roles at the bank, according to the report.
The consumer unit includes the credit-card, deposit, home and auto lending businesses, and makes for about half of the bank's revenue. The planned cuts represent about1% of employees in the unit.
JPMorgan cut around 7,000 operations jobs from the unit in the four years through 2018 and in February 2019 the bank said that reductions would continue. Overall headcount in the unit fell two per cent to 127,137 at the end of 2019, the lowest since 2015, Bloomberg reported.
The bank reported net revenue of $14bn from consumer & community banking in the fourth quarter of 2019, up 3% year-on-year.
The move comes less than a week after it was reported that the Wall Street giant had increased the pay of its CEO Jamie Dimon by 1.6% to $31.5m, following the bank's record earnings in 2019 on the back of consumer banking.
JPMorgan Chase is keeping annual bonuses at its corporate and investment bank roughly flat for 2019 even as workers across Wall Street brace for a drop in payouts.