JPMorgan boss Jamie Dimon is turning to cost cutting to extend his profit streak.
The nation’s biggest bank will cut 4,000 jobs and trim $1 billion in expenses this year. JPMorgan announced the cuts at a presentation to investors today in New York.
Last month, JPMorgan reported record profits for a third straight year, despite the $6 billion “London Whale” trading blunder that tarnished the bank’s reputation.
A slide presentation showed that the bank plans to reduce headcount by 19,000 in consumer and mortgage banking by the end of 2014, although it will add jobs in other areas. Overall, the firm-wide reduction will work out to 4,000 employees.
JPMorgan is the latest big bank to trim costs as tighter regulations and choppy markets squeeze profits.
The home lender is also preparing for when the mortgage refinancing boom — fueled by historically low interest rates — comes to an end.
In his opening remarks, Dimon boasted that the bank is a “battle ship” that will be ready for the next downturn. He also touted the bank’s brand and strength relative to its peers.
“We have some great franchises. They may not be the absolute best in their business, but they’re very close,” he said.
mark.decambre@nypost.com