JPMorgan Chase to cut 5,000 jobs
New York, February 26, 2014
US banking giant JPMorgan Chase said it would eliminate 5,000 jobs from its global workforce this year.
JPMorgan forecast its total headcount in 2014 at 260,000, down from 265,000 in 2013 and 280,000 in 2011, according to a presentation posted to the JPMorgan website ahead of an investor day.
A major unit that is targeted is JPMorgan's consumer and community banking, where workforce will be cut by 8,000.
Offsetting some of these cuts will be hiring in other bank divisions. Bank slides listed commercial banking and asset management as divisions with "ongoing" expansion efforts.
The bank plans 6,000 fewer jobs in mortgage banking and 2,000 fewer in card merchant services and auto services.
The bank is also transitioning to smaller consumer branches that will have more automated services and an average of six employees instead of nine in a traditional branch.
JPMorgan in 2013 reported net earnings of $17.9 billion, down from $21.3 billion the year earlier.
The results were hit by a series major legal settlements, the biggest a $13 billion agreement to resolve charges it misled investors on the sale of mortgage-backed securities.-Reuters