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

NEW YORK Tue Feb 26, 2013 8:42pm IST

People walk past the JPMorgan Chase & Co building in New York March 17, 2008. REUTERS/Chip East/Files

People walk past the JPMorgan Chase & Co building in New York March 17, 2008.

Credit: Reuters/Chip East/Files

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NEW YORK (Reuters) - JPMorgan Chase & Co(JPM.N) 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 on Tuesday.

The cuts will come mainly through attrition, spokeswoman Kristin Lemkau said.

JPMorgan Chase had 258,965 employees globally at the end of 2012. Its headcount 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 (BAC.N) 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 in the presentation.

JPMorgan Chase had 5,614 branches at the end of 2012, making its network the second-biggest in the United States behind Wells Fargo & Co (WFC.N). 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 allow its automated teller machines to handle more routine transactions such as check deposits.

JPMorgan Chase said in its presentation that it is aiming to cut overall expenses by $1 billion in 2013.

(Reporting By David Henry, writing by Dan Wilchins; Editing by Gerald E. McCormick and John Wallace)

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