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  • Is the Banking Industry About to Cut Another 100,000 Jobs?

    02/28/2013 10:34:51 AM PST · by SeekAndFind · 1 replies
    Wall Street 24X7 ^ | 02/27/2013 | Douglas A. McIntyr
    J.P. Morgan Chase & Co. (NYSE: JPM) announced it will cut 4,000 part-time jobs and another 13,000 contract positions in its mortgage business. The bank blamed weaknesses in the mortgage market and new federal regulation for the action. Other banks face similar problems, so cuts across the industry are likely not over. Some of the big cuts in the industry already have happened. Bank of America Corp. (NYSE: BAC) announced in September 2011 it would eliminate 30,000 jobs between then and 2015. The savings, the bank said, would total $5 billion. Rumors are persistent that other large U.S. financial firms...