JP Morgan shares open higher as firm announces job cuts

<p>Shares in JP Morgan Chase have opened higher after the company announced plans to cut 19,000 jobs.</p>

Shares in JP Morgan Chase have opened on a firm footing in New York this afternoon (February 26th), as the company announces its plans to cut up to 19,000 jobs by the end of next year.

The firm stated that the positions at risk are in its mortgage and community banking businesses.

JP Morgan plans to reduce its payroll by 3,000-4,000 individuals at its consumer and community banking unit and by 13,000-15,000 at its mortgage operation.

Some 4,000 of the job losses at the US's biggest bank will come about in 2013 and these will be as a result of attrition for the most part.

At the end of 2012, JP Morgan employed around 260,000 people, but even though it has reported record profits over the past three years, it is trying to reduce its overall expenses.

At 15:20 GMT, JP Morgan Chase shares rose by 0.5 per cent to $47.96 per unit.

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