New JPMorgan COO focuses on cost-cutting

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

JPMorgan (JPM -1.6%) COO since April 2013, Matt  Zames over the past few months has expanded the bank's cost-cutting focus with measures expected to save hundreds of millions annually (the bank had $70.5B in noninterest expense last year).

The saved money won't necessarily flow to the bottom line, but will be reinvested into areas where JPMorgan in expanding like technology, cybersecurity, and regulatory control.

Outside vendors will feel the squeeze as the bank is examining contracts with thousands of vendors with whom it does business - from the Big Four accounting firms to the guys who cut the grass. Those who comply with requests for cost savings will gain additional business, while those who balk will lose out.