JPMorgan confirms big job cuts in mortgage banking

|About: JPMorgan Chase & Co. (JPM)|By:, SA News Editor

The just-released presentation materials for JPMorgan's (JPM) investor day confirm 6K planned job cuts in the bank's mortgage banking division, and an expense reduction of about $2B for that division. For overall Consumer & Business Banking, JPMorgan expects 1% expense growth and a 2K headcount reduction. "We expect to exit 2016 with expense $2B lower than 2014."

As for overall firm ROE, the expected range is 15-16% vs. a previous target of 16%.

The event begins at 8:30 - agenda and webcast.

Shares -0.9% premarket