Nearly 50 mortgage jobs will be eliminated at HSBC Mortgage Services.
The Prospect Heights, Ill.-based lender notified the Commonwealth of Virginia of the layoffs on Tuesday. HSBC noted the move was a "permanent reduction."
The layoffs impact 48 employees, according to data from a Workers Adjustment and Retraining Notification filed with the Virginia Workforce Network. WARN notices are required at least 60 days in advance of the planned layoff of at least 50 employees.
The layoffs are effective on Aug. 17, the WARN filing indicated.
HSBC said the affected jobs are at a location in Chesapeake.
HSBC reported first-quarter loan impairment charges at its U.S. consumer finance business were $3.2 billion. For all of 2007, loan impairment charges were $17.2 billion.