JP Morgan Chase is set to cut 3-4,000 employees, or 1.5 per cent of its workforce this year, the US bank said in a presentation to investors. The cuts are expected to come mainly through attrition.

JPMorgan Chase had 258,965 employees globally at the end of 2012, and the bank has been building more branches, even as competitors such as Bank of America Corp have scaled back. But its consumer bank business is also looking to reduce costs in its branches by staffing them more efficiently, JPMorgan Chase said in the presentation.

JPMorgan Chase had 5,614 branches at the end of 2012, making its network the second-biggest in the United States behind Wells Fargo & Co. JPMorgan is number three in deposits, behind Bank of America and Wells Fargo.

The bank hopes to sell more services, such as wealth management, at its branches, and allow its automated teller machines to handle more routine transactions such as check deposits.

JPMorgan Chase said in its presentation that it is aiming to cut overall expenses by $1 billion in 2013.

Reuters