In the following video, Motley Fool financial analysts David Hanson and Matt Koppenheffer take a look at JPMorgan's (NYSE:JPM) big move to cut $1 billion in expenses, which includes cutting 17,000 jobs. The guys talk about how big of an effect this will have on the bottom line at JPM, and note that this is small potatoes compared to the $5 billion slash-and-burn coming to Bank of America (NYSE:BAC).

David Hanson has no position in any stocks mentioned. Matt Koppenheffer owns shares of Bank of America. The Motley Fool owns shares of Bank of America and JPMorgan Chase. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.