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JPMorgan to trim 4,000 jobs, many in consumer bank

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. The Associated Press
Tuesday, February 26, 2013 - 11:44 am

NEW YORK – 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.