After disclosing a significant number of mortgage job cuts within its mortgage business a year ago, JPMorgan Chase & Co. has raised the number of expected layoffs.
In February 2013, Chase told investors that it planned to eliminate between 13,000 and 15,000 mortgage jobs by the end of 2014.
Last year, the New York-based company reduced its mortgage headcount by around 11,000. Job cuts included employees and contractors.
The 2013 layoffs were disclosed at its investor day presentation Tuesday.
The presentation also indicated that this year’s mortgage layoffs are expected to exceed the original estimate.
According to Chase, 2014 headcount reduction in the home lending business is now expected to reach 6,000.
The financial services giant previously attributed layoffs to slowing refinance activity and improving loan performance.
Chase also said it expects to cut 2014 expenses in the mortgage division by $2 billion compared to 2013. Last year, expenses were reduced by $1.5 billion.
Company-wide headcount finished last year at 265,000, while Chase expects to finish this year with 260,000 employees.
