J.P. Morgan Chase to cut 17,000 jobs

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Wednesday, February 27, 2013

Wall Street Journal: Hoping to trim more than $1 billion in expenses annually the banking giant plans to cut costs and 17,000 positions by next year.

The move announced Tuesday by the New York company, the nation's most profitable bank in 2012 and the biggest U.S. lender by assets, will reduce its staff by 6.5% in one of the most aggressive reductions to date amid widespread financial-industry cutbacks.

J.P. Morgan is considered among the healthiest of the big U.S. banks, but the cuts show that even it isn't immune to the struggle that is dragging down results at financial companies of all stripes—particularly the effect of low interest rates on profits from lending and investing.

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