NEW YORK -- JPMorgan Chase & Co. said Tuesday it would cut about 4,000 jobs as it pares expenses by $1 billion this year.
The nation's largest bank by assets becomes the latest Wall Street powerhouse to announce that it would reduce its headcount as financial firms issue pink slips to thousands of employees.
[Updated, 12:34 p.m. Feb. 26: JPMorgan said it would cut a total of 17,000 jobs by end of 2014. That figure includes the 4,000 net cuts planned this year, plus 13,000 more in 2014.]
The bank said the 4,000 job cuts would come through layoffs and attrition.
Major Wall Street firms have been shedding jobs as they adjust to new regulations following the financial crisis and as banking has become less profitable.