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2014 Mortgage Layoffs Increase by 1,000 at Chase

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The latest estimate of mortgage jobs expected to be eliminated this year by JPMorgan Chase & Co. has been raised by a thousand.

In its third-quarter earnings report, the New York-based company reported that it had reduced its mortgage staffing by 6,000 so far this year.

Chase has made job cuts in production as refinances have retreated and in mortgage servicing as delinquency has declined.

But layoff during just the first nine months of 2014 came in at the number budgeted for the entire year.

So Chase has raised its expected mortgage layoffs for 2014.

The revised outlook was presented Friday by Gordon Smith, the chief executive o of Chase’s consumer and community banking division.

Smith projects that full-year 2014 mortgage layoffs will now reach 7,000 — though that is still fewer than the 11,000 mortgage positions cut in 2013.

The accelerated pace of job cuts is expected to help reduce this year’s mortgage expenses by $2 billion compared to 2013.

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