Bloomberg has reported citing sources briefed on the matter as saying, JPMorgan Chase & Co plans on cutting hundreds of jobs across its consumer division.

Bloomberg’s report did not mention the exact number of jobs JPMorgan plans on cutting but said the planned layoffs represents around 1% of its workforce in its consumer division.

The impacted staff will be notified on February 6 and will be given a chance to apply for other roles at the bank, said Bloomberg’s report.

JPMorgan’s consumer division includes deposit, credit-card, home and auto lending businesses, and rakes in around 50% of the bank’s revenues.

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