After employing about 260, 000 people last year, JP Morgan Chase bank may end up cutting approximately 20,000 jobs by the end of the following year due to an objective of reducing general expenditure. They want to reduce their expenses by nearly one billion US dollars but they state that they are not directly cutting jobs, but reducing the number of employees in each branch of their bank instead.
They insist its due to business objectives that they are planning this expenditure reduction, but I think it's also likely that they are trying to eliminate the opportunities for any further fraud being conducted by employees in the future, based on the fact that the bank lost billions of dollars in trade through the 'London Whale' (an employee called Bruno Iksil).
http://www.bbc.co.uk/news/business-21591486
This is upsetting news, especially since graduation is so nearby! I wonder if these job losses are reflective of a trend in the general market or just a case with JP Morgan...guess we will have to wait and see what happens.
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