Mortgage layoffs disclosed this week by JPMorgan Chase & Co. impact around 1,500 employees across the country. The staffing reduction is the result of both retreating refinances and declining delinquency.
In the West, Chase notified 472 employees in the Phoenix metropolitan area on Monday about their impending layoffs.
As was the case with all this week’s layoffs, the termination date for impacted employees is 90 days out.
In the Midwest, Chase advised 367 employees in Troy, Mich., that they would be let go. In addition, 440 Columbus, Ohio, employees were given notice.
Moving further south, 180 Jacksonville, Fla., employees were notified that they would be terminated.
While there were more locations with mortgage staff reductions, Chase spokeswoman Amy Bonitatibus explained in a telephone interview that they involved less than a hundred employees each.
She noted that the most recent round was driven both by slowing refinances and improving levels of delinquency.
“As we announced earlier this year, we are responding to the stabilizing housing market and the declining number of customers refinancing their mortgages due to the rising interest rate environment,” Bonitatibus said in a written statement. “We will work with affected employees to find openings at Chase or other local companies through our active talent reassignment program and by hosting local job fairs.”
Chase announced in February that it would be reducing mortgage headcount by between 13,000 and 15,000 by the end of next year.
Bonitatibus explained in the telephone interview that the layoffs are expected to be two-thirds complete by the end of this year.
Last month, Chase disclosed 730 planned layoffs in San Diego; 300 job cuts in Chatsworth, Calif.; 245 positions to be eliminated in Irvine, Calif.; 450 layoffs in Florence, S.C.; 208 Tampa, Fla., layoffs; 300 Central Ohio terminations; 150 Denver-area job cuts; 94 employees being terminated in Milwaukee; 84 Virginia layoffs; and 503 North Texas layoffs.