US bank JPMorgan to cut 17,000 jobs by the end of 2014

JPMorgan Chase & Co plans to cut 17,000 jobs, or 6.6% of its workforce, by the end of 2014, the bank’s executives told investors on Tuesday.

However, the bank, which says it’s hopeful of generating record profits this year, plans to add 4,000 employees in commercial and investment banking.

The bank aims to make cuts in mortgage servicing and retail banking, and in its branch network. The bank is still opening new branches, but expects to staff these with fewer workers.

See the full report at Reuters.