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Subprime Layoffs at Chase

Subprime Layoffs at Chase54 Florida layoffs

March 24, 2008

By SAM GARCIA

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

The New York-based company let 54 employees go from a Deerfield Beach location, according to a Worker Adjustment and Retraining Notification Notice filed Friday with Florida’s Re-employment and Emergency Assistance Coordination Team.

The affected business-to-business office handles subprime loans.

The laid off employees included processing jobs, Chase spokesman Thomas A. Kelley told MortgageDaily.com in an e-mail statement. He noted about 50 employees were retained to handle a lower level of originations.

“Our origination volume has declined substantially because of lower home prices and tighter lending standards,” Kelley stated.

JPMorgan, the parent of Chase Home Financereported in November that around 375 workers in retail nonprime lending received 60-day advance layoff notices in October.


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