Big banks south of the border have been axing mortgage jobs by the thousands over the last year. In the second quarter alone, more than 19,000 mortgage jobs were lost.
JPMorgan Chase, America’s largest bank, is planning to cut 3,000 more jobs than it had originally forecast, according to a New York Post article.
The cuts will be focused on the company’s mortgage banking and card services divisions. Card services will lose about 2,000 jobs, while the remaining 1,000 will come from the home loan division. Those cuts bring JPMorgan’s total job eliminations up to 27,000 in the last two years.
The new job cuts were announced by Gordon Smith, head of JPMorgan’s consumer banking division, at a presentation in Boston, the Post reported. Smith said the company had seen “explosive growth” in mobile banking – which means the bank needs fewer personnel as more customers handle transactions online.
The grass often seems greener on the other side, but when it comes to mortgage industry in Canada the opposite is true – at least when it comes to job security.