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JP Morgan Slicing Staff Due to Refi Slowdown, Online Growth

JP Morgan said this morning at its annual investor day it plans to increase its net income target to $27 billion this year, while eliminating about 8,000 jobs in its consumer and mortgage banking units as demand for refinancings declines. The reductions would bring total staffing cuts to 24,500 in the two divisions since the start of 2013. The bank said it expects to reduce its total headcount to 260,000 in 2014 from 265,000 in 2013. With more of its customers banking online, JPMorgan is also planning to consolidate branches and focus instead on its online offerings.