Business, Economics and Jobs

JPMorgan Chase to cut up to 19,000 jobs by the end of 2014


A sign outside JP Morgan Chase headquarters on Park Avenue in New York City.


Mario Tama

JPMorgan Chase has increased the amount of jobs it plans to cut to 19,000 by the end of 2014.

The biggest bank in the United States, JPMorgan Chase employed almost 260,000 at the end of last year, reported BBC News. It revealed plans to reduce its workforce by 3,000 to 4,000 at its consumer and community banking unit, and reiterated its previous plan to lose 13,000 to 15,000 at its mortgage banking unit.

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Around 4,000 jobs are expected to be lost this year, mostly through attrition.

According to Bloomberg, CEO Jamie Dimon, 56, is trying to reduce expenses by $1 billion after he boosted net income to a record high for three straight years. Mortgage profits that previously increased banks' earnings may drop this year because of growing competition keeping new-loan rates at an all-time low.

JPMorgan Chase spent $19.7 billion in consumer and community banking last year, as well as $9.1 billion in mortgage banking, noted BBC. It is making most of its cuts from its 5,614 branches, whereas most banks tend to cut largely from the investment banking area.