Banking giant and international doer of evil, J.P. Morgan Chase confirmed yesterday during an event for investors at its Midtown Manhattan headquarters that it plans to cut 17 000 jobs over the next two years while committing to a program of global expansion.

With a current workforce of approximately 260 000, the bank plans to make job cuts throughout 5 600 of its branch offices, the bulk of which will come from its mortgage service unit – some 13 000 cuts. These job cuts are a result of an increased use of technologies, like the use of smartphones and deposits being made at ATMs reducing the amount of manpower needed in branch offices. Also, they’re probably poorer after they bankrupted the world in 2008.

Bank executives reported the cuts would:

Improve efficiencies, scale back redundancies, and help the bank cut costs by more than $1 billion in 2013.

The Co Head of Investment Banking said that its global expansion would be a “huge priority” for 2013, also stating that the number of its global corporate bankers had trebled since 2009.

J.P. Morgan Chase is not alone in making these job cuts, Bank of America is set to cut 30 000 jobs and Citigroup, 11 000 respectively.

[Source: Fox Business]