"JPMorgan Chase became the latest Wall Street firm to scale back in an uncertain economy, announcing plans Tuesday to save $1 billion through various costs cuts and about 4,000 job reductions.
The bank, struggling
to emerge from the shadow of a trading scandal known as the "London
Whale" affair that dealt the firm ts biggest ever trading loss, also
issued a stark warning about the rising costs of regulation.
frequent critic of efforts to increase oversight on Wall Street,
JPMorgan said that new red tape could cost up to 10 percent of market
revenues. However, the financial services giant cautioned that the
effects of the Volker Rule won't be seen for at least two to three years. JPMorgan also said it plans to add 200 more branches by 2014."
Of course their solution is to cut jobs, not perform better, or reduce top executives ridiculous pay and bonus'.