2-26-13 9:06 AM EST
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NEW YORK (MarketWatch) -- J.P. Morgan Chase & Co.JPM will cut staff by 4,000 as part of its plan to reduce expenses in 2013, according to a presentation by the firm. The cuts were presented during the firm's annual Investor Day conference held in New York on Tuesday. J.P. Morgan also plans to cut expenses by $1 billion in 2013 through absorbing the increased cost of compliance, self-funding and cost synergies, said Chief Financial Officer Marianne Lake. Chief Executive Jamie Dimon said the bank has had record results three years in a row and is preparing for a lot of change this year, including new regulatory changes. J.P. Morgan is the biggest U.S. financial services firm with assets of $2.4 trillion.
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