THE BIGGEST bank in America, JP Morgan, warned of job cuts and a reduction in profit for 2014 during an investor conference yesterday. Shares in the company were down 1.72 per cent at market close after the news.
Around 8,000 jobs are expected to go at the bank, the majority from its mortgage division where 17,000 positions will have been cut by the end of 2014. Around 3,000 new jobs will be created in areas like compliance.
Chief financial officer
The banks expects its pre-tax income from the mortgage arm of the business to be negative in 2014. Mortgage lending fell eight per cent in 2013 to
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