Chase Bank plans to eliminate 135 jobs at its downtown Milwaukee office in March.
JPMorgan Chase & Co. said it permanently will lay off employees in its mortgage banking customer assistance unit in the Chase Tower, 111 E. Wisconsin Ave., on March 26.
“This affects our mortgage servicing and default staff,” said Chase spokeswoman Christine Holevas. “As the economy continues to improve, we’re seeing far fewer homeowners struggle with their mortgages and the vast majority have already refinanced. The volumes have decreased and we no longer need as much staff as before.”
After the reduction, Chase will have about 1,400 employees in the Milwaukee area, most of them located at the Chase Tower.
The tower personnel includes a large home-equity unit with about 500 workers.
Also employed at the tower are a variety of bankers — personal, commercial, private wealth and treasury — and back-office support staff.