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JPMorgan Chase will cut thousands of jobs over the next year as it seeks to contain expenses and sells businesses, said a person with knowledge of the plans.
May 28 -
U.S. banks have posted strong earnings and returned capital to shareholders in a tough environment, positioning them to benefit as the economy improves, U.S. Bancorp Chief Executive Officer Richard Davis said.
May 28
U.S. Bancorp could cut jobs if interest rates remain low, Chairman and Chief Executive Richard Davis said at a Thursday conference.
Davis said Thursday that he expects rates to rise in September and December and that there's no current plan for the Minneapolis company to cut jobs,
"If we're wrong and rates actually aren't going to move up trust me, we will cut expenses," Davis said, adding that job cuts could be part of expense reductions.
As of 2014, the Minneapolis bank employed around 67,000 people.
Davis also said Thursday that U.S. Bancorp is unlikely to purchase other banks, but instead would favor the purchase of parts of companies, such as GE Capital's assets.
"I'll take pieces and parts, but not whole parts," he said.
