JPMorgan to cut up to 140 jobs in Switzerland: source

ZURICH (Reuters) – JPMorgan Chase & Co could eliminate up to 140 jobs in Switzerland in an effort to cut costs, a person familiar with the matter told Reuters on Monday, confirming a report by the Swiss financial news website Finews.

Finews said the cuts would mainly affect the Geneva offices, but some positions in Zurich could also be affected.

A spokesman for the bank declined to comment on job cuts.

“Switzerland remains an important growth market for JPMorgan, and we are committed to providing best-in-class advice and counsel to clients across the country,” he said in an emailed statement.

Over the past year, JPMorgan has shifted a number of jobs to cheaper locations in order to cut costs.

(Reporting by Oliver Hirt and Silke Koltrowitz; Editing by Kevin Liffey)