JPMorgan Chase & Co said it is cutting up to 14,000 jobs, more than previously disclosed, as it tries to reduce costs in the face of a slumping economy and higher credit losses.

JPMorgan announced the cuts in an all-day presentation to investors. The reductions are intended to help the New York-based lender weather the current economic turmoil, as its customers struggle with falling house prices, tight credit and increasing mortgage and credit card defaults.

Meanwhile, JPMorgan's investment bank expects to reduce its 28,000-person staff to between 26,000 and 27,000 by year-end, with cutbacks focused in technology and infrastructure, the unit's co-chief executive, Steve Black, said. Staffing could fall further if market conditions worsen, though it is "hard to imagine" a worse year for the unit than 2008, he said.

On Monday, JPMorgan unexpectedly cut its dividend 87 percent to help save $5 billion a year and achieve Chief Executive Jamie Dimon's goal of a "fortress" balance sheet. The bank got $25 billion last fall from the government's Troubled Asset Relief Program.