23 August 2016
Find out more

JPMorgan Chase to cut 4000 consumer banking jobs

26 February 2013  |  4511 views  |  0 JPMorgan Chase logo web screenshot

JPMorgan Chase is to cut its headcount by 4000 jobs over the coming year as it bids to save $1 billion in annual expenses from its consumer banking business.

Most of the job cuts will come through a process of attrition as the bank looks to add more technology to its branch network for dealing with routine transactions and repositions staff for wealth management advice and cross-sales.

Unlike its competitors, JPMorgan Chase has been actively adding to its branch network, opening 150 new branches in 2012, and staying on course to open a further 200 over the next two years. The bank says the average branch takes four years to reach break-even and has an eight-year payback, with each site contributing $1 million to pre-tax income upon maturity.

The bank had 5614 branches at the end of 2012, making its network the second-biggest in the United States behind Wells Fargo.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Bank branches set to disappear as more customers go online

Bank branches set to disappear as more customers go online

21 September 2012  |  9735 views  |  0 comments | 3 tweets
Branch networks expected to halve as more customers go online

Branch networks expected to halve as more customers go online

16 July 2012  |  9052 views  |  2 comments
Branch still best for personal attention and expertise - Cisco survey

Branch still best for personal attention and expertise - Cisco survey

21 June 2012  |  5421 views  |  2 comments | 2 linkedin
US banks consider IT top spending priority; shift from branch to mobile evident

US banks consider IT top spending priority; shift from branch to mobile evident

06 June 2012  |  8942 views  |  0 comments | 1 tweets
Bank of America claims 10 million mobile customers; accelerates branch closure programme

Bank of America claims 10 million mobile customers; accelerates branch closure programme

24 May 2012  |  15006 views  |  0 comments | 2 tweets | 1 linkedin

Related company news

 

Related company information

JPMorgan Chase

Related blogs

Create a blog about this story (membership required)
Find out moreVisit equens.comVisit capgemini.com

Top topics

Most viewed Most shared
hands typing furiouslyBlockchain: what to expect for 2017?
6352 views 0 | 48 tweets | 41 linkedin
Global fintech funding hits plateauGlobal fintech funding hits plateau
6209 views comments | 22 tweets | 21 linkedin
Teenager avoids conviction for CommBank DDoS attackTeenager avoids conviction for CommBank DD...
5763 views comments | 2 tweets | 3 linkedin
Walmartpay: A user reviewWalmartpay: A user review
5688 views comments | 16 tweets | 10 linkedin

Featured job

Find your next job