JPMorgan Chase’s investor day must have been less crowded for Jamie Dimon than it was last year, as the bank said retail trading revenue sank 15 percent.
The bank also said it would increase layoffs in the consumer- and mortgage-banking sectors to help save a total of $2.5 billion in costs.
The job reductions would bring total staff cuts to 24,500 in the two divisions since the start of 2013 — including 8,000 new reductions announced Tuesday, some of which will be achieved through attrition.
“You’re always trimming the sails. That’s business,” said JPM Chairman and Chief Executive Dimon — who received a $20 million bonus in 2013, a 74 percent raise from 2012.
As the presentations during the annual investor day unfolded, Dimon and his managers laid out a strategy to accelerate growth and trim unwanted units.
JPMorgan, the biggest US bank by assets, is seeking to bounce back from 2013, when the firm clashed with regulators and forked over $23 billion in legal costs while fending off allegations that it misled buyers of mortgage bonds, rigged markets and ignored suspicious activity by clients.
JPMorgan has paid almost $30 billion in legal fees, settlements and associated costs since 2010, according to a slide in the presentation.
“We now have clarity on most of the regulatory rules, and we believe that we, more than others, will successfully adapt to the new financial architecture and will emerge where we started — with best-in-class margins and returns,” Chief Financial Officer Marianne Lake said.
Those same regulatory rules — including Dodd-Frank and Volcker — may have cost JPM a senior executive.
Cindy Armine, chief compliance officer, left the bank after a year on the job, it was revealed Tuesday in a memo from Chief Operating Officer Matt Zames.
Armine is moving to First Data Corp., the payment processor run by former JPMorgan co-Chief Operating Officer Frank Bisignano, who exited the bank in 2013 when Dimon named Zames sole COO.
Armine joined the firm in May 2011 as chief control officer of home lending after 31 years at Citigroup, where she was chief compliance officer.
Dimon also trimmed profit forecasts for the year.
Attempts to reach Armine weren’t successful.
JPM shares closed down 1.7 percent Tuesday, to $57.03.
With Post wires