|Hundreds of jobs will be eliminated when JPMorgan Chase & Co. closes mortgage and home equity collection centers.
Chase will cut 170 jobs in Milwaukee and another 290 in Cleveland, spokeswoman Mary Kay Bean said.
“We have been looking at a number of factors,” she said. “We’ve been trying to see where we have the most efficiency. The philosophy is that we have a large number of employees dedicated to this area” in other locations that can provide “more efficiency and create opportunity for growth.”
The work will be transferred to the three remaining mortgage and home equity collections locations in Columbus, Ohio, Dallas and Phoenix, according to the spokeswoman.
The Cleveland employees will be out of work by yearend and the Milwaukee reductions will be complete by the end of the first quarter 2007, Bean said.
JPMorgan reported it owned $77.8 billion in home equity loans, $48.6 billion in mortgage loans, and had a $497.4 billion third-party servicing portfolio at the end of the second quarter, in which residential production amounted to $50.5 billion.
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