J.P.Morgan Chase to cut 17,000 jobs over two years
Banking giant J.P. Morgan Chase (NYSE: JPM) confirmed Tuesday it plans to trim its workforce by about 17,000 over the next two years while at the same time committing to a program of global expansion.
At an event held for investors at its Midtown Manhattan headquarters, J.P. Morgan said as many as 4,000 jobs would be cut, mostly through attrition, from its more than 5,600 branch offices, and another 13,000 or so jobs from its mortgage services units.
The bank has a total workforce of about 260,000.
Bank executives, speaking to an audience mostly of analysts and media, said the cuts would improve efficiencies, scale back redundancies, and help the bank cut costs by more than $1 billion in 2013.
Increases in the uses of technologies like banking deposits made via ATMs and smart phones have reduced the need for manpower especially in branch offices, the executives said.
J.P. Morgan isn’t alone in announcing layoffs to cut costs and raise profits. Bank of America (NYSE: BAC) said it will slash more than 30,000 jobs, and Citigroup (NYSE: C) expects to cut 11,000.
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