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FEB 26, 2013 - MarketWatch

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J.P. Morgan to cut 4,000 jobs in 2013

NEW YORK (MarketWatch)-- J.P. Morgan Chase & Co. is focused on meeting regulatory demands in 2013, Chief Executive Jamie Dimon told analysts at an investor conference on Tuesday. Dimon also confirmed that the bank would cut $1 billion in expenses and eliminate 4,000 positions in 2013 and another 15,000 positions in 2014. Many of the cuts will be from attrition, he said. J.P. Morgan expects reserves at the firm to come down to $1-2 billion, currently at $10 billion, as mortgage charge-offs come down in the years ahead. The CEO said he hoped the firm will raise the dividend every year and ... Read More

Tags: J.P. Morgan to cut 4,000 jobs in 2013,  Taxes Latest News