Four thousand of JPMorgan's job cuts are expected this year, and some 13,000 are expected from its mortgage unit in 2014.
CEO Jamie Dimon tried to underplay the layoffs, saying, "No one at JPMorgan ever, ever worries about losing their job because they made a mistake. ... I've been on Wall Street my whole life, I've seen the hang 'em high, shoot 'em you lose money. It also leaves a bad attitude: make as much as you can while you can before you get shot in the back of the head."