Banks

JPMorgan plans to cut hundreds of jobs in consumer unit: Bloomberg

Pedestrians pass a JPMorgan Chase & Co. bank branch near the New York Stock Exchange in 2018.
Bloomberg | Bloomberg | Getty Images

U.S. bank JPMorgan Chase is planning to cut hundreds of jobs across its consumer division, Bloomberg reported on Tuesday, citing people briefed on the matter.

The report did not mention the exact number of jobs to be cut but said the planned layoffs represent about 1% of employees in the unit.

JPMorgan will notify the impacted staff on Feb. 6 and give them a chance to apply for other roles at the bank, according to the report.

The consumer unit includes the credit-card, deposit, home and auto lending businesses, and makes for about half of the bank's revenue.

JPMorgan told Reuters it had no comments on the report.