JPMorgan Chase to Slash $1 Billion in Costs; Cut Staff

Correction: An earlier version of this story incorrectly reported that Marianne Lake and Jamie Dimon were speaking from CNBC's CFO Council. Both were speaking at JPMorgan's Investor Conference.

The company later clarified that there will be 17,000 net job cuts over the next two years. About 4,000 of those will occur this year and 13,000 are planned for 2014. Among the 17,000 total cuts, about 6,000 will occur at its retail branches and 15,000 in its mortgage banking unit.

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