JPMorgan Chase to cut 4000 consumer banking jobs

JPMorgan Chase to cut 4000 consumer banking jobs

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.

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