5000 more job cuts proposed at JP Morgan Chase

J.P. Morgan Chase told investors today, February 26, 2009, that it will cut 14,000 jobs, up from a previously announced 9,200 in December.

The bank is seeking to cut costs as the deepening recession fuels unemployment and loan losses. The bank anticipates quarterly losses this year of $1 billion to $1.4 billion just on its home equity loans to more creditworthy borrowers. Those figures exclude loans Chase picked up in its purchase last September of the failed banking operations of Washington Mutual.