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Banks Keep Cutting Jobs

More than 2,300 layoffs planned at several banks

May 13, 2009


U.S. financial institutions have notified several states about more than 2,000 upcoming layoffs.

JPMorgan Chase & Co. plans to layoff 514 employees during the second quarter, including 52 Chase Home Lending wholesale employees in Orange, Calif., and 45 Tukwila, Wash., positions. The rest of the layoffs are all located in various California cities, according to Workers Adjustment and Retraining Notifications filed in both states.

Third-quarter layoffs projected so far at JPMorgan are 184 jobs, according to the WARN filings. Except for 55 Miami employees, the rest of the layoffs are slated for the Golden State.

So far, California has been notified about 347 fourth-quarter layoffs planned at JPMorgan.

Wells Fargo & Co. is cutting 100 positions in Northeast Florida that previously handled production of Wachovia Corp.'s pick-a-payment loans, American City Business Journals Inc. reported. Refinance operations in San Antonio, Texas, will take handle functions formerly handled in Florida.

In a Florida WARN filing, Wells said it planned to let 154 Jacksonville employees go on July 3.

Another 148 jobs are being cut in San Leandro, Calif., the publication reported. Those positions are legacy employees from Golden West Financial Corp., which was acquired in October 2006 by Wachovia -- which itself was acquired by Wells in December 2008.

Former employees of Downey Savings and Loan Association, F.A. -- which saw its operations seized by bank regulators in November 2008 and sold to U.S. Bank, N.A. -- are being laid off by their new employer. U.S. Bank said in California WARN filings that it would layoff 208 Newport Beach employees in the second quarter and another 294 during the fourth quarter.

Bank of America Corp. plans to layoff 286 California employees during the second quarter, a WARN notice with the state said. The job cuts will occur in Concord, Los Angeles and Ontario.

Over at IndyMac Federal Bank, FSB, which was acquired by OneWest Bank, FSB, in March, California's Employment Development Department was notified that 249 employees will be laid of next week. The IndyMac layoffs are slated for Pasadena and Rancho Cordova.

AMCORE Financial Inc. said in its first-quarter 2009 earnings report that it would scale back executive compensation and layoff 116 employees. Among those impacted by the bank's layoffs were President and Chief Operating Officer Donald H. Wilson and Executive Vice President Richard E. Stiles.

AMCORE, based in Rockford, Ill., reported $113 million in first-quarter mortgage production and $195 million in outstanding loans as of March 31.

State Street Bank & Trust notified New Jersey that 80 Princeton employees would be laid off on Jun 26.

UBS said on April 15 that it would reduce headcount from 76,200, as of March 31, to around 67,500 next year. No U.S. mortgage jobs appear to be impacted.

Sam Garcia worked in mortgage lending for twenty years prior to becoming publisher of in 2000.

e-mail: [email protected]

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