Jamie Dimon, president and chief operating officer of JP Morgan Chase, has raised the bank's cost cutting target to $3bn(€2.3bn), a third more than the original $2.2bn it targetted after its acquisition of Chicago-based Bank One last year.

JP Morgan Chase is eliminating 12,000 jobs following the $58bn acquisition and intensive cutbacks are expected to continue this year, according to a report inThe Wall Street Journal.