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JPMorgan to cut 8,000 jobs in retail and mortgage units

NEW YORK, Feb. 25 (UPI) -- The largest U.S. bank by assets, JPMorgan Chase & Co., said Tuesday it will cut 8,000 jobs due to a profit squeeze in retail mortgages.

With rising interest rates, fewer consumers are making a move to refinance their homes, the bank said in a presentation.

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The Los Angeles Times reported the job cuts will be in the firm's retail banking and mortgage divisions.

The bank has reduced its headcount by 24,500 since the start of 2013, USA Today reported.

JPMorgan said it had 251,196 people on its payroll at the end of 2013.

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