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JPMorgan expected to cut more than 5,000 jobs by next year: DJ, citing sources

Thursday, May 28, 2015 17:28

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JPMorgan expected to cut more than 5,000 jobs by next year: DJ, citing sources

Jacob Pramuk | @jacobpramuk

4 Hours AgoCNBC.com

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JPMorgan Chase has started job cuts slated to total more than 5,000 by next year as it looks to trim expenses, The Wall Street Journalreported Thursday, citing sources.

The most recent phase of layoffs began earlier this year and would eliminate at least 2 percent of JPMorgan’s workforce, according to the newspaper. The bank has already cut at least 1,000 of those jobs, a source told Dow Jones.

JPMorgan declined to comment on the report to CNBC.

Scott Mlyn | CNBC

A pedestrian walks past the JPMorgan Chase headquarters building in New York.

JPMorgan—which has 5,570 branches—has moved to emphasize technology and rely less on human tellers. Its Chairman and CEO Jamie Dimon said recently that the bank’s average branch would lose one employee over the next two years.

However, the cuts affect all of JPMorgan’s major business units, theJournal reported.

The company cut 7,900 mortgage jobs and left certain businesses last year. It has slimmed its workforce to about 240,000 employees, with cuts in 11 of the last 12 quarters, according to the report.

Still, JPMorgan hires about 40,000 employees annually, according to the report.

JPMorgan has not outlined plans for job cuts previously, but broadly touched on expense cutting plans in a February investor presentation. The bank said it expected expenses to drop to $57 billion this year from about $58.4 billion last year.

“We won’t compromise investment dollars in order to improve short-term efficiency or performance,” said JPMorgan Chief Financial Officer Marianne Lake at the the time.

Other large American banks including Bank of America and Citigrouphave also cut costs amid a tougher regulatory and legal environment in recent years.

JPMorgan Chase shares were trading slightly lower Thursday afternoon.

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