JPMorgan Chase has said it is planning job cuts of up to 17,000 staff members by the end of 2014, following yesterday’s announcement of 4,000 expected job losses in 2013.
The bulk of losses, which make up 7% of JPMorgan’s 259,000 workforce, are to fall on the consumer and mortgage businesses but will be partly offset by hiring in asset management, private banking and commercial banking.
The bank, which has reported record profits for the past three years, is trying to reduce its overall expenses by $1bn.
The company spent $19.7bn in consumer and community banking in 2012, and $9.1bn in mortgage banking.
Unlike many other banks who have recently announced job cuts, largely in investment banking, JP Morgan Chase is reducing the number of people working in its branches.
Speaking at an investor conference Ryan McInerney, chief executive of consumer banking, said the company plans to add 100 branches a year, though staff per branch will fall by 20% by 2015 through "attrition".
JPMorgan Chase has increased the size of its branch network while other banks have been scaling back.
From 2010, the number of branches increased by 6.6% to 5,614 branches in 2012.
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