JPMorgan to trim 4,000 jobs, many in consumer bank
NEW YORK (AP) — JPMorgan is trimming about 4,000 jobs, or about 1.5 percent of its work force, becoming the latest big bank to shrink its staff.
The bank said the cuts will be focused in consumer banking and mortgages. Many of the cuts would come through attrition, but the bank will lay off workers as well, a bank spokeswoman said.
The cuts were revealed in a presentation to investors Tuesday. They are part of the bank's bigger cost-cutting campaign. They come after a year when the bank increased profit and revenue.
The move could signal a new direction for staffing: JPMorgan already shed about 1,200 jobs in 2012, after adding jobs in 2011 and 2010.
Job cuts have become a familiar story in the banking industry. Banks are navigating new government regulations that have crimped some old sources of revenue, like issuing credit cards to students or trading for the bank's own profit. The banks have also said that complying with the new regulations is costing them more money.
Bank of America, Citigroup, Morgan Stanley and Goldman Sachs all trimmed jobs in 2012. Morgan Stanley's current round of job cuts has focused on senior ranks and investment bankers. Bank of America has said it needs fewer people to work through problem mortgages, though it has cut jobs in other areas. Citigroup is scaling back in countries that it no longer sees as growth engines.
JPMorgan said it hopes to find jobs within the bank for displaced workers through a "redeployment" program.
The bank said the cuts will be focused in consumer banking and mortgages. Many of the cuts would come through attrition, but the bank will lay off workers as well, a bank spokeswoman said.
The cuts were revealed in a presentation to investors Tuesday. They are part of the bank's bigger cost-cutting campaign. They come after a year when the bank increased profit and revenue.
The move could signal a new direction for staffing: JPMorgan already shed about 1,200 jobs in 2012, after adding jobs in 2011 and 2010.
Job cuts have become a familiar story in the banking industry. Banks are navigating new government regulations that have crimped some old sources of revenue, like issuing credit cards to students or trading for the bank's own profit. The banks have also said that complying with the new regulations is costing them more money.
Bank of America, Citigroup, Morgan Stanley and Goldman Sachs all trimmed jobs in 2012. Morgan Stanley's current round of job cuts has focused on senior ranks and investment bankers. Bank of America has said it needs fewer people to work through problem mortgages, though it has cut jobs in other areas. Citigroup is scaling back in countries that it no longer sees as growth engines.
JPMorgan said it hopes to find jobs within the bank for displaced workers through a "redeployment" program.
Controls, there are not nearly enough controls on the financial industry to keep them from repeating the debacle that we are still trying to recover from. They pleaded, cajoled, begged, and paid our greedy politicians to remove the controls that were there till they could act like a bunch of Pit Bulls in a kindergarten playground and look at what it got us. The banks have gotten too damn big, there are too little controls on them, and they have no conscience when dealing with people now. People are just another pipe to drain money out of and they don't want to have to taper it off so they are crying like a bunch of babies to keep the money flowing. We need to kick some government ars till the institute those controls and maybe a few more so we do not see another financial collapse like the one we are trying to recover from. If you who are reading this are not using a Savings and Loan you are stupid because you only supporting an institution that is greedy beyond belief. Â
The cuts were revealed in a presentation to investors Tuesday. They are part of the bank's bigger cost-cutting campaign. They come after a year when the bank increased profit and revenue.
  They all should have fallen during the housing market crash. I hate our government for bailing out every one of them while letting all of the little guys, that had nothing to do with the housing market crash,  loose everything they had. Now they're all showing record profits and still getting HUGE bonuses at our expense. F-all of them I say!