JPMorgan to cut 4,000 consumer banking jobs

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Financial giant JPMorgan has announced plans to cut about 4,000 jobs, mostly from its consumer banking and mortgage divisions.

The move also could hint at a new direction for JPMorgan, one toward a leaner staff.

The cuts only amount to a 1.5 percent workforce reduction for the bank, but the news comes on the heels of a healthy year in which it increased both profit and revenue.

The bank already cut about 1,200 jobs in 2012 after adding them during the two previous years.

 

 

 

 

 

 

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