JPMorgan to cut 4,000 jobs, cut $ 1 bn in costs

February 27, 2013 11:15

JPMorgan Chase has planned to eliminate 4,000 positions and cut costs by one billion dollars over the course of the year.

The bank said it plans to eliminate as many as 19,000 employees in its community and mortgage banking units by the end of 2014. But it didn't give an overall headcount number for the end of 2014, so those job cuts could be offset by hiring elsewhere in the bank, CNN reports.

According to the report, even with the job cuts, JPMorgan will still be plenty big. The firm's head count fell modestly in 2012 to 258,000 employees, the report said, up from just over 180,000 five years ago.

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