News Column

JPMorgan Chase Cutting 4,000 Jobs

February 26, 2013

Cheryl K. Chumley

jpmorgan chase

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.

Source: (c)2013 The Washington Times (Washington, DC) Distributed by MCT Information Services

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