8 Plans for JPMorgan Chase's Future
February 28, 2013 2:21 PM
This week, the most senior JPMorgan Chase (JPM) executives spent six hours airing their plans for growth - and retrenchment. Here are some of the strategies Chief Executive Jamie Dimon and his top lieutenants discussed. (Image: Bloomberg News)
1 New CFO
The first speaker of the day was new chief financial officer Marianne Lake, who replaced Doug Braunstein at the beginning of the year. Chief Executive Jamie Dimon extensively reshuffled his top lieutenants over the past several months, in the wake of a massive trading loss.
17,000 Job Cuts
Even the country's largest bank needs to cut back on employees. Executives said JPMorgan would eliminate about 17,000 positions over the next two years, including about 4,000 through attrition this year in its consumer bank. (Image: Shutterstock )
13,000 to 15,000 Mortgage Cuts
Most of JPMorgan Chase's job cuts will come through layoffs and attrition in its mortgage operations over the next two years, as the industry moves past the worst of the foreclosure crisis and has less need for servicing employees. (Image: Shutterstock )
100 New Branches
Even as it cuts some branches, JPMorgan Chase is expanding. The bank plans to add about 100 branches to its total over each of the next two years. (Image: Bloomberg News)
500,000 'Digital' Customers
A growing number of JPMorgan Chase customers are opting for mobile and online technology over branch visits. About 500,000 bank customers per month are going digital, executives said. (Image: Shutterstock )
1 New Partnership
JPMorgan used the day to announce a new partnership with Visa . Executives said the deal will allow the bank to negotiate directly with merchants over how they process Chase credit and debit cards. (Image: Bloomberg News)
$6 Billion Loss
The event also marked a JPMorgan bid to get beyond the London Whale affair that sparked regulatory scrutiny, Congressional hearings and senior leadership departures. (Image: Shutterstock )
60 Minutes with Jamie
Dimon ended the day by answering questions for about an hour. In 2013, the bank will have to grow "organically and meet a wave of our regulatory demands," he said. "Just doing those two things will tax even JPMorgan." (Image: Bloomberg News)
