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JP Morgan to slash 19 000 jobs

Feb 27 2013 08:32 AP
JPMorgan Chase's headquarters in Manhattan, New Yo

JPMorgan Chase's headquarters in Manhattan, New York. (AFP)

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New York - US banking giant JPMorgan Chase plans to eliminate 19 000 jobs by the end of 2014 as it seeks to rein in costs, the company said on Tuesday in an investor presentation.

JPMorgan Chase intends the majority of the cuts, 15 000 to come from the mortgage banking division, said spokesperson Kristin Lemkau.

Another 4 000 jobs will be eliminated from the consumer banking banking division, Lemkau said.

The company plans to add 2 000 new posts in asset management and commercial banking, Lemkau said, leaving a net loss of 17 000 posts.

JPMorgan Chase estimated its full-year expenses will drop by $3bn in 2014 from the 2012 level as the company seeks corporate and investment bank cost synergies, according to the presentation.

The Wall Street bank reported earnings of $21.3bn in 2012, up from $19bn a year earlier, but revenue that slightly missed market expectations.

The jump in profits came despite an embarrassing $6.2bn trading loss stemming from a trader nicknamed the "London whale."

The trading losses led to several resignations and reassignments and resulted in lower 2012 take-home pay for JPMorgan chief executive Jamie Dimon.

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jp morgan chase  |  banks  |  retrenchments
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