Why are banks laying off workers while pocketing more money than ever?
More money, fewer jobs.
JPMorgan Chase , Wells Fargo andBank of America each announced job cuts this week. BofA said it was slashing 209 jobs, Wells is cutting 126 mortgage jobs in St. Louis as part of a 763-job reduction nationwide and JPM has started cutting hundreds across the country as part of a 15,000 job reduction. Citi laid off about 120 workers two weeks ago and more cuts are on the way
At the same time banks reported the biggest profits on record in the first quarter of 2013 earning $40.3 billion, up 16% from 2012.
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