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JPMorgan Chase to cut 5,000 jobs from global workforce in 2014

Published on Feb 25, 2014 10:36 PM

NEW YORK (AFP) - US banking giant JPMorgan Chase on Tuesday said it would eliminate 5,000 jobs from its global workforce this year.

JPMorgan forecast its total headcount in 2014 at 260,000, down from 265,000 in 2013 and 280,000 in 2011, according to a presentation posted to the JPMorgan website ahead of an investor day.

A major unit that is targeted is JPMorgan's consumer and community banking, where workforce will be cut by 8,000.

Offsetting some of these cuts will be hiring in other bank divisions. Bank slides listed commercial banking and asset management as divisions with "ongoing" expansion efforts.

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