JPMorgan Chase & Co. plans to expand its retail banking operations by hiring 1,200 bankers and opening about 120 branches by the end of 2010, Jamie Dimon, its chairman and chief executive, said Tuesday.

In slides that accompanied Dimon's presentation at a Goldman Sachs conference in New York, the company reiterated that it sees "some initial signs of stability in consumer delinquency trends, but we are not certain if this trend will continue."

However, that by itself "is good news," Dimon said during his presentation. Consumer and credit-card lending businesses have been "doing really poorly," and losses are worse than expected, even taking current unemployment rates into consideration, Dimon said.

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