Make us your home page

JPMorgan Chase lays off 435 workers in Tampa

In a bitter dose of economic irony, an improving housing market is triggering 435 job cuts at JPMorgan Chase's Tampa offices.

The cuts in the megabank's mortgage banking unit, effective Sept. 4, were outlined in a Worker Adjustment and Retraining Notification notice filed with the state Friday.

Earlier this year, the bank said it planned to cut 12,000 jobs nationwide in its mortgage unit by the end of 2014 as demand waned for mortgage modifications and other homeowner aid. Florida still has one of the highest foreclosure rates in the country, but a rise in home prices and declining unemployment has helped stabilize the once-traumatized housing front.

Similarly, JPMorgan Chase is shuttering a call center in Albion, N.Y., that assists struggling homeowners, a closing affecting more than 400 employees.

"Fewer homeowners are falling behind on their mortgages, so we need fewer employees to assist those who were struggling," said Amy Bonitatibus, a spokesman representing the New York bank's mortgage operation. "This shift is good for homeowners and the economy overall."

Bonitatibus said the cuts will be mitigated because the company has about 300 openings at its credit card and auto units in Tampa.

Many of the dislocated workers, she said, could qualify for those 300 openings. Moreover, the company continues to expand its Chase Bank branch network statewide.

Though a household name through its mortgages and credit cards, the bank was slow to build a presence in Florida consumer banking until it bought Washington Mutual's vast branch network in late 2008. It has since grown to about 340 branches statewide, including 60 in Tampa Bay alone. The company has about 17,000 employees in Florida, more than 5,000 of them in the bay area.

"Tampa is a growing market for Chase," Bonitatibus said.

All the employees being laid off work at JPMorgan Chase's sprawling operations near Tampa International Airport, split between its Independence Parkway offices and its nearby Memorial Highway location. A job fair will be held within the next two weeks, Bonitatibus said.

JPMorgan Chase lays off 435 workers in Tampa 06/07/13 [Last modified: Friday, June 7, 2013 9:25pm]
Photo reprints | Article reprints

© 2017 Tampa Bay Times


Join the discussion: Click to view comments, add yours

  1. For Gov. Rick Scott, 'fighting' could mean vetoing entire state budget

    State Roundup

    Every day, Gov. Rick Scott is getting a lot of advice.

    The last time a Florida governor vetoed the education portion of the state budget was in 1983. Gov. Bob Graham blasted fellow Democrats for their “willing acceptance of mediocrity.”
  2. Potential new laws further curb Floridians' right to government in the Sunshine

    State Roundup

    TALLAHASSEE — From temporarily shielding the identities of murder witnesses to permanently sealing millions of criminal and arrest records, state lawmakers did more this spring than they have in all but one of the past 22 years to chip away at Floridians' constitutional guarantees to access government records and …

    The Legislature passed 17 new exemptions to the Sunshine Law, according to a tally by the First Amendment Foundation.
  3. Data breach exposes 469 Social Security numbers, thousands of concealed weapons holders


    Social Security numbers for up to 469 people and information about thousands of concealed weapons holders were exposed in a data breach at Florida the Department of Agriculture and Consumer Services. The breach, which the agency believes happened about two weeks ago, occurred in an online payments system, spokesperson …

    Commissioner of Agriculture Adam Putnam on Monday that nearly 500 people may have had their Social Security numbers obtained in a data breach in his office.
[Times file photo]

  4. Trigaux: Can Duke Energy Florida's new chief grow a business when customers use less power?


    Let's hope Harry Sideris has a bit of Harry Houdini in him.

    Duke Energy Florida president Harry Sideris laid out his prioriities for the power company ranging from improved customer service to the use of more large-scale solar farms to provide electricity. And he acknowledged a critical challenge: People are using less electricity these days. [SCOTT KEELER   |   Times]
  5. Citigroup agrees to pay nearly $100 million fine for Mexican subsidiary


    NEW YORK — Citigroup has agreed to pay nearly $100 million to federal authorities to settle claims that a lack of internal controls and negligence in the bank's Mexican subsidiary may have allowed customers to commit money laundering.

    Citigroup has agreed to pay nearly $100 million to federal authorities to settle claims that a lack of internal controls and negligence in the bank's Mexican subsidiary may have allowed customers to commit money laundering. 
[Associated Press file photo]