JPMorgan Chase To Cut Up To 4,000 Jobs

There are corporations that work hard at providing excellent goods or customer services in order to increase their profits through excellence...and then there are the banks.

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There are corporations that work hard at providing excellent goods or customer services in order to increase their profits through excellence...and then there are the banks.

Via:

JPMorgan Chase & Co. plans to cut 3,000 to 4,000 jobs in its consumer bank in 2013, representing about 1.5 percent of the company's overall workforce, as the bank tries to improve the profitability of its branches.

The cuts will come mainly through attrition, spokeswoman Kristin Lemkau said. The bank's branches have 63,500 employees, representing about a quarter of JPMorgan Chase's total employees.

JPMorgan is one of the few big U.S. banks that is still adding branches to its network, but to boost profit it plans to scale back the tellers it has on hand for routine transactions and to add some salespeople for products and services like wealth management that can boost revenue.

Do you think they will return those annual subsidies provided by our tax dollars if they become more profitable? Nah, didn't think so.

About Diane Sweet

Diane Sweet's picture
Senior Editor, Lives in a gerrymandered district in Michigan.

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