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JPMorgan CFO: $10 Billion More Needs to Be Cut From Reserve

JPMorgan CFO: $10 Billion More Needs to Be Cut From Reserve

The chief financial officer of JPMorgan Chase & Company recently told investors that the bank needed to slash $10 billion more from its reserve for bad loans, according to Dow Jones Newswires.

CFO Douglas Braunstein did not give a time period for when the additional $10 billion will be cut during the financial institution's recent investor day presentation in New York, the news source said.

Braunstein explained that the bank's exposure to struggling euro zone countries such as Italy, Greece and Spain dipped somewhat during the first two months of the year, but noted that the "risk of loss has declined" due to steps taken by the European Central Bank and euro zone governments.

According to Reuters, Braunstein also said during the conference that the financial institution is looking to use its size to its advantage in order to boost profit by more than 25 percent over time. The CFO said JPMorgan was targeting $24 billion in annual income, an increase over the $19 billion from last year, the news source reported.