JPMorgan Chase told investors that it plans to reduce the number of trading platforms it uses worldwide to two, saving $300 million a year in operating costs.

The savings are part of a $500 million initiative to rationalize trading operations which could mean that as many as 3,000 people associated with JPMorgan Chase trading would lose their jobs or be redeployed inside the company, according to a report in the Financial Times.

The disclosure was made by Jes Staley, chief executive officer of the JPMorgan Chase investment bank. A chart from his investor's day presentation (below) shows the size of the trading operation. A copy of his presentation can be downloaded below.

The efficiency effort began two years ago, according to the FT report on Staley's comments to investors. already 10 trading systems have been cut to five. The company plans to cut that again to two, by 2014.

The consolidation as well as elimination of incompatible or obsolete systems will save $300 million a year and "overall benefits" could exceed $1 billion.

JPMorgan spends roughly $8.5 billion a year on technology and runs more than 110 trading desks, worldwide.

Download the presentation here.

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