JPMorgan to trim 4,000 jobs, many in consumer bank

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Associated Press

Posted on February 26, 2013 at 11:02 AM

Updated Tuesday, Feb 26 at 11:02 AM

NEW YORK (AP) — JPMorgan is trimming about 4,000 jobs, becoming the latest big bank to shrink its work force.

The bank says the cuts will be focused in consumer banking and mortgages. A bank spokeswoman stressed that many of the cuts would come through attrition, but the bank will lay off workers as well.

The cuts amount to about 1.5 percent of JPMorgan's work force and are part of the bank's bigger cost-cutting campaign. They were revealed in a presentation to investors Tuesday morning.

They come after a year when the bank increased both profit and revenue. And the move could signal a new direction in jobs: JPMorgan already shed about 1,200 jobs in 2012, after adding jobs in 2011 and 2010.

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