JPMorgan Chase & Co. is trimming expenses by $1 billion and cutting 1.5
percent of its workforce, company executives announced Tuesday.
That move puts about 4,000 employees out of work, Fox News reports.
Jamie Dimon, chairman and chief executive, said the bank remains a "battleship" with strong capital, according to The Wall Street Journal.
The job cuts will target the bank's consumer business, WSJ says, adding that low interest rates have affected its ability to generate profits in lending and investing.
The news follows an earlier announcement of JPMorgan's plans to cut up to 15,000 slots in its mortgage business.
Most Popular Stories
- Crimean Referendum Violates International Law: Obama
- Justin Bieber Loses Cool Over Selena Gomez
- Fuentes Makes NAHREP's Top 10 List
- Social Media Can Help a Company's Credit Line
- Hispanic Unemployment Eased in February
- Goya Nutritionist Answers Demand for Healthy Hispanic Dishes
- Boeing Freezes Nonunion Workers' Pensions
- Juanes Back to Singing About Love
- Ukraine Crisis Sets U.S. Stocks Adrift
- Alfredo Ramos Martínez, Mexican Muralist, Symposium at Scripps