JPMorgan Chase & Co. (NYSE:JPM) is planning on cutting a total of 14,000 jobs this year.
The company said Thursday it will cut around 12,000 jobs as a part of its takeover of the failed Washington Mutual.
The other 2,000 layoffs will occur in the company’s investment banking sector.
According to Reuters, “JPMorgan announced the cuts in an all-day presentation to investors. The reductions are intended to help the New York-based lender weather the current economic turmoil, as its customers struggle with falling house prices, tight credit and increasing mortgage and credit card defaults.”