In Bid to Cut Costs, J.P. Morgan Hangs Up on Voicemail

J.P. Morgan Chase & Co. (JPM) is starting to cut voicemail services for some of its employees in a continued effort to trim expenses and grow profitability at the nation's largest bank.

Gordon Smith, the bank's consumer chief, said at a financial conference Tuesday that the $10-per-month service per person has become obsolete for many at the bank. "We realized that hardly anyone uses voicemail anymore...we're all carrying something in our pockets that's going to get texts or e-mail or a phone call to you," he said.

This action by the New York bank run by Chairman and CEO James Dimon continues efforts to cut the consumer and community unit's expenses by $2 billion by 2017, which Mr. Smith laid out during an investor presentation the bank made in February.

The unit is in the process of cutting landline voicemail for employees who are not client-facing, such as operations or technology, a spokeswoman said.

Read the full story on FoxBusiness.com

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