JPMorgan Chase to cut 4,000 jobs in 2013
US banking giant JPMorgan Chase plans to slash 4,000 jobs in 2013 as part of a cost-cutting program, according to the company's presentation to investors today.
JPMorgan Chase projected it would reduce overall expenses in 2013 to USD 59 billion, approximately USD 1 billion below the 2012 level, as the company seeks corporate and investment bank cost synergies, presentation slides showed.
JPMorgan reported earnings of USD 21.3 billion in 2012, up from USD 19 billion a year earlier. The jump in profits came despite an embarrassing USD 6.2 billion trading loss stemming from a London trader nicknamed the London "whale."
The trading losses led to several resignations and reassignments and resulted in a lower 2012 take-home pay for JPMorgan chief executive Jamie Dimon.