Chase Cutting Over 450 HEL Jobs

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MORTGAGE EXPERT
3 · 27 · 08
JPMorgan Chase & Co. has continued slashing mortgage jobs.

More than 450 jobs are being eliminated in the latest round of layoffs, spokesman Tom Kelly told MortgageDaily.com today in an e-mail statement.

The job cuts are the result of falling home equity line-of-credit volume, Kelly said. He noted the New York-based company projects 2008 HELOC production to decline by around 50 percent from the $48 billion in HELOC originations last year.

Around 300 of the layoffs will occur in Rochester, N.Y., while 100 jobs will be eliminated in Indiana, and 50 employees will be let go in Arizona, according to the spokesman.

The latest layoffs follow the elimination of 54 processing positions at a subprime business-to-business facility in Deerfield Beach, Fla., according to a Worker Adjustment and Retraining Notification Notice filed Friday with Florida’s Re-employment and Emergency Assistance Coordination Team.

Chase Home Finance parent JPMorgan reported in November that around 375 workers in retail nonprime lending received 60-day advance layoff notices in October.

Kelly couldn’t confirm whether any further layoffs were planned, noting in today’s statement, “We haven’t given any other numbers publicly.”

Related:

Subprime Layoffs at Chase
JPMorgan Chase & Co. has laid off more than 50 people at a Florida subprime wholesale operation.

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Mortgage Daily Staff

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