Updated from 10:10 a.m. EST

JPMorgan Chase

(JPM) - Get Report

will likely cut around 12,000 jobs as it integrates the operations of

Washington Mutual

, the failed Seattle thrift it acquired late last year.

The Associated Press

, citing slides from an investor presentation on the company's Web site, said Thursday that the bank foresees around $2 billion in savings through the takeover, including roughly $1.35 billion from the workforce reductions.

Separately,

The Wall Street Journal

said JPMorgan was close to a deal to sell Bear Wagner Specialists, one of the remaining

New York Stock Exchange

market makers, to a unit of

Barclays

(BCS) - Get Report

. The report cited people with knowledge of the situation and said the unit, Barclays Capital, wanted to combine Bear Wagner with its own NYSE market-making division.

The deal could be worth about $35 million, according to the report. Bear Wagner became part of JPMorgan after the company acquired

Bear Stearns

in 2008.

JPMorgan has been far and away one of the sturdiest companies throughout the continuing financial crisis. On Monday though, the company said it would

lower its dividend

by 86% as a "precautionary step" to hold on to its capital. The move means the next quarterly payout will drop to 5 cents a share from 38 cents previously.

While its stock has fallen some 30% year to date, many of its fellow banks have fared much worse. JPMorgan rose 6.1% to $23.05 on what was overall a strong day for the financial stocks.

Elsewhere in the group,

Bank of America

(BAC) - Get Report

gained 3.1% to $5.32, while

Citigroup

(C) - Get Report

fell 2.4% at $2.46.

Wells Fargo

(WFC) - Get Report

climbed 7.1% to $14.40.

Goldman Sachs

(GS) - Get Report

was up 2.5%, but

Morgan Stanley

(MS) - Get Report

was down 2%.

Copyright 2008 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. AP contributed to this report.