Update: JPMorgan plans to cut 17,000 positions through 2014

JPMorgan Chase & Co. has reportedly firmed plans to eliminate 17,000 positions in its community banking and mortgage units through 2014.

The changes were determined in conjunction with the bank’s annual Investor Day conference, which was held Feb. 26 in New York City.

JPMorgan, which has reported record annual net earnings for each of the past three years, will cut about 4,000 positions this year, with most of those reductions coming through attrition, according to published reports.

Through 2014, JPMorgan – the largest bank in the U.S. by assets – will cut 13,000 positions in its mortgage business and between 3,000 positions in its community banking unit as it seeks to reduce operating expenses.

[Editor’s note: This article has been updated to reflect new information made available by JPMorgan Chase regarding its reorganization plans.]