J.P. Morgan Chase & Co., the U.S.'s most profitable bank in 2012 and the nation's biggest lender by assets, set plans Tuesday to cut 17,000 jobs over two years amid rising pressure in the banking industry to slash costs amid stagnant revenue.
The New York company said at an investor day presentation at its midtown Manhattan headquarters that it would reduce its global staff by 4,000 jobs this year and 13,000 next, primarily in the consumer bank and the unit that handles home loans. J.P. Morgan employed 258,965 people at year-end.
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