J.P. Morgan cutting hundreds of tech-support jobs

MarketWatch

Reuters MA MB MC MD ME

J.P. Morgan Chase & Co. is cutting hundreds of technology-support employees in its corporate and investment bank as part of an overall push to trim expenses as the bank battles sluggish revenue, a person familiar with the matter said.

The layoffs come as the nation’s largest bank by assets continues to work on streamlining its technology systems, which became unwieldy after its acquisitions of Bear Stearns Cos. and Washington Mutual Inc. during the financial crisis, this person said.

The Wall Street Journal earlier reported J.P. Morgan’s (JPM)Chief Operating Officer Matt Zames has been working the past few months to cut expenses, which include relocating employees, such as technology support specialists, to less-expensive office space.

An expanded version of this report appears at WSJ.com.

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