JPMorgan Chase & Co. is trimming expenses by $1 billion and cutting 1.5 percent of its workforce, company executives announced Tuesday.
That move puts about 4,000 employees out of work, Fox News reports.
Jamie Dimon, chairman and chief executive, said the bank remains a “battleship” with strong capital, according to The Wall Street Journal.
The job cuts will target the bank’s consumer business, WSJ says, adding that low interest rates have affected its ability to generate profits in lending and investing.
The news follows an earlier announcement of JPMorgan’s plans to cut up to 15,000 slots in its mortgage business.
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Cheryl Chumley is a continuous news writer for The Washington Times. Previously, she was part of the start-up team for The Washington Times’ digital aggregation product, Times247. She’s also a 2008-2009 Robert Novak journalism fellow with The Phillips Foundation. She can be reached at cchumley@washingtontimes.com.
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