JPMorgan Reduces Trading Losses (ex-Whale), To Cut 19,000 Jobs Through 2014

Beached Whale

JPMorgan’s traders in its investment bank lost money on seven days during 2012, down from 26 in 2011.

Bloomberg reports that the traders lost money on just four days last year excluding debt-valuation adjustments and the impact of a credit derivatives portfolio that was transferred from the firm’s Chief Investment Office, which had amassed the bet and lost more than $6.2bn on it, the bank said in an investor presentation released at its New York headquarters Tuesday.

The results disclosed in the presentation reflect performance in the corporate and investment bank alone and exclude other divisions. Across the firm, including in its chief investment office, traders lost money on 39 days in the first nine months of 2012.

Finally, BBC News reports that the bank has increased its planned job cuts to 19,000 by the end of next year.

JPMorgan revealed plans to reduce headcount by 3,000-4,000 at its consumer and community banking unit, in the presentation.

And it reiterated previously announced plans to shed 13,000-15,000 jobs at its mortgage banking unit.

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image: © brydeb

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