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JP Morgan to cut 4,000 jobs in 2013
Markets
by Emma Dunkley on Feb 26, 2013 at 14:01
Investment bank JP Morgan Chase is planning to cut 4,000 of its staff in a cost-cutting drive with a lot of jobs set to be cut within its mortgage banking division.
According to a presentation by Marianne Lake, chief financial officer at the firm, the bank is targeting expense reduction of around $2 billion, which will see the overall headcount decrease by around 4,000.
The move should see firm-wide adjusted expenses brought down to around $59 billion this year, from $60.1 billion in 2012 and $58.1 in 2011.
The presentation said expense and investments across the company are ‘an important focus area for us'.
The firm had net income of $21 billion in 2012, versus $19 billion in 2011.
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