This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

JPMorgan to Slash Consumer, Mortgage-Banking Jobs (Update2)

(Updated with more information, company statement).

NEW YORK ( TheStreet) -- JPMorgan Chase (JPM - Get Report) plans to cut 4,000 jobs in 2013 as it seeks to reduce $1 billion in expenses, according to a presentation to investors posted on its website.

The bank sees expenses falling from $60 billion in 2012 to a little over $59 billion in 2013.

A separate presentation on consumer and community banking shows a targeted headcount reduction of 13,000 to 15,000 in mortgage banking alone by the end of 2014, while consumer banking excluding mortgage banking would see a reduction of 3,000 to 4,000 jobs.

Kristin Lemkau, a spokeswoman for JPMorgan, said in an email that the net reductions at the company will be 4,000, as the bank will add jobs elsewhere to offset the reduction in consumer and mortgage banking. She added that the reduction in staff in consumer banking will come mostly through attrition.

Compensation expenses at the investment bank is expected to remain consistent, according to the presentation.

In opening remarks, CEO Jamie Dimon said the bank was growing market share in every segment. He touted the bank's brand, franchise strength, cheaper cost of funding and economies of scale. Cross-sell opportunities deliver about $14 billion in revenue, the bank said in its presentation.

Dimon added that the bank intends to meet all its capital and liquidity requirements in 2013.

CFO Marianne Lake and other top-ranking officials will be making presentations throughout the day.

Dimon will be speaking again later in the afternoon and will take questions from investors.

Presentations are available on the website.

-- Written by Shanthi Bharatwaj in New York



>To contact the writer of this article, click here: Shanthi Bharatwaj.

>To follow the writer on Twitter, go to http://twitter.com/shavenk.

>To submit a news tip, send an email to: tips@thestreet.com.

Disclosure: TheStreet's editorial policy prohibits staff editors and reporters from holding positions in any individual stocks.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG
JPM $61.28 0.00%
AAPL $128.46 0.00%
FB $78.97 0.00%
GOOG $558.40 0.00%
TSLA $203.34 0.00%

Markets

DOW 18,132.70 -81.72 -0.45%
S&P 500 2,104.50 -6.24 -0.30%
NASDAQ 4,963.5270 -24.3630 -0.49%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs