JPMorgan to cut 8,000 jobs, lowers 2014 profit target

(Reuters) - JPMorgan Chase & Co (JPM), the largest U.S. bank, announced thousands of job cuts on Tuesday as the mortgage lending business slows, and said it was lowering its profitability target. The company said it expected total headcount to fall by 5,000 to 260,000 in 2014. Around 6,000 full-time and contractor jobs in JPMorgan's home loans unit and 2,000 jobs in its branch and credit-card network will be cut. Speaking at the bank's annual conference with investors, Chief Financial Officer Marianne Lake said the bank could post higher profit, possibly up to $27 billion a year, once short-term interest rates rise.

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