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JPMorgan to trim 4 000 jobs

Feb 26 2013 18:57 AFP

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New York - JPMorgan is trimming about 4 000 jobs, becoming the latest big bank to shrink its work force.

The bank says the cuts will be focused in consumer banking and mortgages. A bank spokesperson stressed that many of the cuts would come through attrition, but the bank will lay off workers as well.

The cuts amount to about 1.5% of JPMorgan's work force and are part of the bank's bigger cost-cutting campaign. They were revealed in a presentation to investors on Tuesday morning.

They come after a year when the bank increased both profit and revenue. And the move could signal a new direction in jobs: JPMorgan already shed about 1 200 jobs in 2012, after adding jobs in 2011 and 2010.

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