logo
  Join        Login             Stock Quote

JPMorgan (JPM) To Cut Up To 19K Jobs By End Of 2014

 February 26, 2013 10:21 AM
 


(By Balachander) JPMorgan Chase & Co. (NYSE: JPM) plans to slash about 4,000 jobs in 2013 as it aims to cut $1 billion in overall expenses, the lender said in a presentation.

The job reductions - representing about 1.5 percent of JPM's workforce - will occur mainly through attrition, spokeswoman Kristin Lemkau said.

The New York-based bank had 258,965 employees worldwide at the end of 2012.

The banking giant also plans to cut by as much as 19,000 jobs at its mortgage and community banking businesses by the end of 2014. JPM intends to reduce 13,000 to 15,000 positions at its mortgage business and 3,000 to 4,000 jobs at consumer & community banking business.

[Related -Bank Stocks: The Misbegottenness of the Volcker Rule Truly Knows No Bounds]

As of 1/13, JPM's asset management business has $9 billion of allocated capital due to increased corporate allocations and expanding loan book.

JPMorgan Chase's fundamentals are extremely strong, with cross-sell revenue of about $14 billion and $3 billion of cost synergies, the bank said in a presentation to investors.

Expenses are "an important focus area for us," the bank said and it expects investment banking compensation to remain relatively consistent.

[Related -Gold hasn’t lost its allure in my portfolio]

Lat month, the lender posted a jump in quarterly earnings, reflecting strong lending and deposit growth. Earnings per share jumped 54 percent to $1.39 from $0.90 and net income too rose 54 percent to $5.7 billion in the fourth quarter. Net revenue on a managed basis was $24.38 billion, up 10 percent from the same period last year and down 6 percent from the prior quarter.

The stock, which has been trading in the 52-week range of $30.83 to $49.68, shed 0.59 percent to trade at $47.42 on Tuesday.

iOnTheMarket Premium
Advertisement

Advertisement


Post Comment -- Login is required to post message
Name:  
Alert for new comments:
Your email:
Your Website:
Title:
Comments:
 

rss feed

Latest Stories

article imageLevel 3 Communications, Inc. (LVLT): A Good Time To Buy Says Macquarie

On a day Wall Street is struggling to advance, Level 3 Communications, Inc. (NYSE:LVLT) is having no such read on...

article imageAbercrombie & Fitch Co. (ANF) Q2 Earnings Preview: The Unkind Quarter

Abercrombie & Fitch Co. (NYSE:ANF) will be holding its second quarter 2014 earnings conference call for all read on...

article imageWorkday Inc. (WDAY) Q2 Earnings Preview: Built In Surprise

Workday Inc. (NYSE:WDAY) plans to announce its fiscal 2015 second quarter results after market close on read on...

article imageArcelorMittal SA (ADR)(MT): Steel Stocks about to Get Red Hot

For the second consecutive day, a major broker upgraded a steel company by advancing their recommendation read on...

Advertisement
Popular Articles

Advertisement
Daily Sector Scan
Partner Center



Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.