JP Morgan Cut to the Chase

JP Morgan may be regretting its promise of $3bn in cost cuts from its merger with Bank One. The group originally promised $2.2bn in merger-related savings by 2007. Then, in a fit of refreshing ambitiousness, it promised it could cut $3bn worth of costs – two thirds of them by the end of 2005. The bank still reckons it can hit its revised targets, but only with additional upfront costs. In 2004, JP Morgan achieved $400m in savings. This quarter it cut an additional $380m. If it can keep cutting a...