JP Morgan to Cut 4000 Jobs

Just when you thought that things are going to look good for the economy, comes news that begins to make you think that it will never get any better. It is bad enough that many people in New York, and Long Island, have to try and rebuild their lives, homes, and businesses after a devastating storm in October. But, to hear news that the banking and investment giant, JP Morgan is going to be cutting out 4,000 jobs is quite another blow.

he bank says the cuts will be focused in consumer banking and mortgages. A bank spokeswoman stressed that many of the cuts would come through attrition, but the bank will lay off workers as well.

The cuts amount to about 1.5 percent of JPMorgan’s work force and are part of the bank’s bigger cost-cutting campaign. They were revealed in a presentation to investors Tuesday morning.

They come after a year when the bank increased both profit and revenue. And the move could signal a new direction in jobs: JPMorgan already shed about 1,200 jobs in 2012, after adding jobs in 2011 and 2010.

Ed Lynch Recent Columns | E-Mail Edward Lynch is a writer for the Long Island Yellow Pages Jobs & Careers section. If you have a press release that you'd like to share please send it to edwardl@longislandyellowpages.com Also Read: Peconic Landing Announces $45 Million Expansion; Adds Jobs Better Benefits to Members Northrop Grumman to Move 850 Jobs Away From Long Island Rich Getting Richer, Poor Getting Poorer Jobs Express Hires 60,000 With Over 75,000 Jobs Available

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