JPMorgan Chase to cut up to 4,000 jobs in 2013

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JPMorgan Chase to cut up to 4,000 jobs in 2013 Prepairing for the cashless NWO

NEW YORK (Reuters) - JPMorgan Chase & Co plans to cut 3,000 to 4,000 jobs in its consumer bank in 2013, representing about 1.5 percent of the company's overall workforce, as the bank tries to improve the profitability of its branches.

The cuts will come mainly through attrition, spokeswoman Kristin Lemkau said. The bank's branches have 63,500 employees, representing about a quarter of JPMorgan Chase's total employees.

JPMorgan is one of the few big U.S. banks that is still adding branches to its network, but to boost profit it plans to scale back the tellers it has on hand for routine transactions and to add some salespeople for products and services like wealth management that can boost revenue.

The net effect will be to reduce staff per branch by 20 percent through 2015, the company's head of consumer banking, Ryan McInerney, said in a presentation to investors.

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JPMorgan to cut as many as 19,000 jobs through 2014


JPMorgan CEO Jamie Dimon is focusing on expense reductions after boosting net income to records for three straight years

JPMorgan Chase & Co., the biggest U.S. bank, plans to reduce headcount by as many as 19,000 people in its mortgage and community banking businesses through 2014 as Chief Executive Officer Jamie Dimon cuts expenses.

The lender, employing about 259,000 people at the end of December, will cut 13,000 to 15,000 jobs in its mortgage unit and 3,000 to 4,000 in community banking excluding home lending through 2014, the company said Tuesday in presentations on its website. Firm-wide headcount will shrink by about 4,000 people this year, mainly through attrition and as some people are redeployed to other areas, said Kristin Lemkau, a spokeswoman.

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