JPMorgan to slice up to 19,000 jobs

Feb. 27, 2013 at 3:36 PM

NEW YORK, Feb. 27 (UPI) -- JPMorgan Chase & Co., the United States' largest bank, says it will slash up to 19,000 jobs over the next two years.

The New York bank announced its workforce reduction plan Tuesday, the same day it reported a third straight year of record net income, The Washington Times reported.

JPMorgan said it will shed 4,000 jobs this year as it reshapes itself, the newspaper said. Most of the job cuts -- 13,000-15,000 -- will come in its mortgage unit, while another 3,000-4,000 will occur in its community banking unit by the end of 2014.

JPMorgan cut 1,200 jobs last year.

"You hire a whole bunch of people to do foreclosures, the foreclosures go down, and you don't need them anymore," said Dick Bove, a banking analyst with Rafferty Capital Markets in New York.

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