Another example of banks trying to cut costs. JPMorgan announced that its retail employees will no longer have voicemail. This will save the bank $3.2m per year, which is only a small dent in the company's targeted $2b in expense cuts.
For JPMorgan's retail employees, there will be no more messages after the beep. The company's consumer banking chief told an industry conference the bank would be eliminating voicemail in an effort to cut costs. Each line costs about $10 per month, and a source tells CNBC that the unit will reap annualized cost savings of about $3.2 million. "We realize that hardly anyone uses voicemail anymore," said Gordon Smith, CEO of JPMorgan's consumer and community banking, while speaking to an audience at the Deutsche Bank financial services conference. "We are all carrying something in our pockets that's going to get texts or email or a phone call to you," he said.