JPMorgan presses its managers to cut costs - source

By David Henry

NEW YORK (Reuters) - Senior executives at JPMorgan Chase & Co are pressuring managers across the bank to cut costs, after the bank's disappointing revenue growth has prevented the profit gains the bank expected, a person familiar with the matter told Reuters.

The bank might implement specific expense goals for businesses, the source told Reuters, adding, "Everyone is having to give at the office on this." JPMorgan expects to disclose more about its cost-cutting efforts on Feb. 24, when it hosts its investor day.

On Wednesday, JPMorgan posted a 3 percent decline in revenue, but only a 1 percent decline in non-interest expense, resulting in its overall income dropping by 7 percent. Those results were disappointing enough to investors to pull the company's shares down 5 percent in mid-afternoon trading.

(Reporting by David Henry, editing by Dan Wilchins and Diane Craft)