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JPMorgan plans to trim consumer bank
Source: Agencies |
February 27, 2013, Wednesday
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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, it said in a presentation to investors yesterday.
The cuts will come mainly through attrition, spokeswoman Kristin Lemkau said.
JPMorgan Chase had 258,965 employees globally at the end of 2012. Its head count rose following the financial crisis, to 262,882 in the second quarter of 2012 from 219,569 in the first quarter of 2009. Since last year's second quarter, staffing levels have drifted lower.
The bank has been building more branches even as competitors such as Bank of America Corp have scaled back. But its consumer bank business is also looking to reduce costs in its branches by staffing them more efficiently, JPMorgan Chase said.
The bank had 5,614 branches at the end of 2012, making its network the second-biggest in the US behind Wells Fargo & Co. JPMorgan is No. 3 in deposits, behind Bank of America and Wells Fargo.
The bank hopes to sell more services, such as wealth management, at its branches, and let its automated teller machines to handle more routine transactions such as check deposits.
JPMorgan Chase said it is aiming to reduce overall expenses by US$1 billion this year.
The cuts will come mainly through attrition, spokeswoman Kristin Lemkau said.
JPMorgan Chase had 258,965 employees globally at the end of 2012. Its head count rose following the financial crisis, to 262,882 in the second quarter of 2012 from 219,569 in the first quarter of 2009. Since last year's second quarter, staffing levels have drifted lower.
The bank has been building more branches even as competitors such as Bank of America Corp have scaled back. But its consumer bank business is also looking to reduce costs in its branches by staffing them more efficiently, JPMorgan Chase said.
The bank had 5,614 branches at the end of 2012, making its network the second-biggest in the US behind Wells Fargo & Co. JPMorgan is No. 3 in deposits, behind Bank of America and Wells Fargo.
The bank hopes to sell more services, such as wealth management, at its branches, and let its automated teller machines to handle more routine transactions such as check deposits.
JPMorgan Chase said it is aiming to reduce overall expenses by US$1 billion this year.
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