JPMorgan Chase & Co. plans to close its office gyms in the United States and Europe as president James Dimon seeks to reduce costs.
"The firm has made the decision to close its internal fitness centers globally with effect from January 2006," according to a memo written Tuesday by John Bradley, the human resources director for Europe, the Middle East, and Africa. "Since our fitness centers were built the supply of external centers has increased dramatically."
Mr. Dimon, who will become the chief executive in January, is trying to generate $3 billion of annual savings by 2007. He has already slashed more than 12,000 jobs, shed units, and consolidated computer systems.
