J.P. Morgan to Lay Off 17K Employees

What Will Happen to the Soon Spared 17K?

As seventeen thousand people will soon add up to the unemployment rate, the chances of landing a job will be twice as hard because there will be more competition in the field.

This is one of those situations when bad credit loans are much turned to. Some of those 17K can borrow money to use on the job hunt. Some would try investing, and some, with courage, by putting up small business.

The loan application is available online. It takes only a day to apply with only one page to fill up. Although the interest rate in bad credit loans is higher than other loans, bad credit loans can save anyone in time of need.

What Happened to J.P. Morgan and Chase?

J.P. Morgan and Chase is known to be the biggest bank in America by asset. Now, it has announced, during the investor day presentation at its main headquarters in New York City, that it will let go of 6.5 percent of the 260, 000 employees working with them since 2012.

Most of the employees of Morgan and Chase that are to be laid off are from the company’s mortgage banking system.

The spokesperson for J.P. Morgan and Chase said that the reason for the bulk reduction is because only few homeowners now are having a hard time on paying their mortgages that’s why the company only needs few employees to give help to those who are really in need of assistance.

It Was an Expected Move

According to a bank analyst, J.P. Morgan’s decision to cut back employees were very much expected due to the decline in the revenue of banking and since mortgage related credit value has improved greatly.

It was also mentioned that this will be great for the company as they can use these expense saves to manage on their difficult operating environment.

This would also push the company’s continues growth earnings per share.

The company’s commitment to the growing revenue and returning capitals together with the branch extension plan and international growth will give J.P. Morgan and Chase great opportunities.

J.P. Morgan and Chase Still A Strong Bank

Except for the lay-off, J.P. Morgan and Chase is still the healthiest bank in the country. Just last January, the bank reported a profit of five – seven billion dollars in the quarter. Their stock market also went up to 2.5 percent despite the announcement.