4,000 jobs go at JPMorgan Chase
(02-26 22:35)
US bank JPMorgan Chase plans to slash 4,000 jobs this year as part of a cost-cutting program, according to the company's presentation to investors today.
JPMorgan Chase projected it would reduce overall expenses in 2013 to US$59 billion, about US$1 billion below the 2012 level, as the company seeks corporate and investment bank cost synergies, presentation slides showed, AFP reports.
JPMorgan reported earnings of US$21.3 billion in 2012, up from US$19 billion a year earlier. The jump in profits came despite an embarrassing US$6.2 billion trading loss stemming from a London trader nicknamed the London ‘whale.’
The trading losses led to several resignations and reassignments and resulted in a lower 2012 take-home pay for JPMorgan chief executive Jamie Dimon.
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