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JPMorgan announces cuts to profit target, jobs

People walk by the JP Morgan & Chase Co. building in New York October 24, 2013. REUTERS/Eric Thayer

(Reuters) - JPMorgan Chase & Co (NYS:JPM), the largest U.S. bank, is reducing both its profit target and headcount in 2014, according to a Tuesday presentation.

The bank trimmed its profit target to a range of 15 percent to 16 percent return on tangible common equity, down from 16 percent.

JPMorgan also said it expected total headcount to fall by 5,000 to 260,000 in 2014.

The bank announced the changes in a presentation tied to its annual investor day.

Shares of JPMorgan were down 0.3 percent at $57.85 in trading before the market opened.

(Reporting by David Henry and Peter Rudegeair in New York; Editing by Lisa Von Ahn)