JPMorgan Chase To Cut 17,000 Jobs Over The Next 2 Years

NEW YORK -- JPMorgan will trim about 19,000 jobs over the next two years but cast a positive spin on the news: It is shrinking the unit it had beefed up to handle troubled mortgages.

The bulk of the cuts, about 15,000, will come at the mortgage unit, which had swelled to about 50,000 workers from a pre-financial crisis roster of 20,000 because the bank needed more people to process defaulted mortgages. The bank said it hopes to find jobs in other parts of the company for displaced workers through a "redeployment" program.