JPMorgan eyes US$1.4b in cost savings in 2015 mainly in consumer, investment banking

New York

JPMORGAN Chase & Co said on Tuesday that it aims to save about US$1.4 billion in annual expenses, primarily in consumer and investment banking, as a proposed government requirement to hold more capital is expected to pinch profits.

The largest US bank by assets expects expenses in 2015 to fall to roughly US$57 billion from US$58.4 billion in 2014, JPMorgan said at its annual investor day. Shares rose 2.5 per cent to US$60.82, reaching their highest since the beginning of January.