JPMorgan Chase takes total job cuts to 19,000

JPMorgan Chase has announced at least an extra 3,000 job cuts as part of plans to reduce its overall expenses, taking total job losses to 19,000.

The bank, the US's largest, said it would reduce headcount by between 3,000 and 4,000 at its consumer and community banking unit. It had previously announced plans to cut between 13,000 and 15,000 jobs across its mortgage banking proposition. The bank, which has reported large profits for the past three years, is attempting to reduce its overall expenses by $1bn (£660m). As at the end of last year, JPMorgan Chase employed some 260,000 people working in more than 5,600 branches in the US. It said more customers are using self-service, lessening the need for branch staff.