JP Morgan to cut 19,000 jobs through 2014
Updated: 2013-02-27 00:34
NEW YORK - JP Morgan Chase & Co. plans to cut up to 19,000 jobs in its mortgage and community banking businesses by the end of 2014, the biggest US bank by assets announced on Tuesday.
According to a presentation released on JP Morgan's website, its mortgage business will shrink by 13,000 to 15,000 jobs through 2014, while community banking excluding mortgages will lose 3,000 to 4,000 jobs during that period.
Its spokeswoman Kristin Lemkau said those job reductions will occur almost entirely through attrition and the bank expects to slash 4,000 jobs this year.
JP Morgan's planned job reductions would amount to 7.3 percent of its global total of 260,000 employees as of the end of 2012. Besides, the bank also set a target to cut expenses in mortgage banking by about 3 billion dollars through 2014.
Speaking at the New York-based lender's annual investor day on Tuesday, JP Morgan executives said they aimed to reduce expenses by 1 billion dollars this year.