JPMorgan Chase plans 8,000 layoffs this year as its mortgage and retail banking businesses shrink.

About half of those job cuts had already been announced, but it is cutting more jobs than planned as it tries to keep expenses down.

The new job cuts announced Tuesday are split between its mortgage and retail banking businesses. They're on top of 16,500 layoffs last year in those areas.

For years, low interest rates caused a boom in mortgage refinancing. But now interest rates are rising, and fewer Americans are refinancing. JPMorgan and other big banks reported double-digit declines in their mortgage business at the end of last year.

JPMorgan Chase & Co. also says it will add about 3,000 jobs in other areas this year.

The Motley Fool owns shares of JPMorgan Chase. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.