Make us your home page
Instagram

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

Loading...
  1. Carrollwood fitness center employs scientific protocol to help clients

    Business

    In 2005, Al Roach and Virginia Phillips, husband and wife, opened 20 Minutes to Fitness in Lakewood Ranch, and last month they opened the doors to their new location in Carrollwood.

    Preston Fisher, a personal fitness coach at 20 Minutes To Fitness, stands with an iPad while general manager/owner Angela Begin conducts an equipment demonstration. The iPad is used to track each client's information and progress. I also included one shot of just the equipment. The center recently opened in Carrollwood. Photo by Danielle Hauser.
  2. Olive Tree branches out to Wesley Chapel

    Business

    WESLEY CHAPEL — When it came time to open a second location of The Olive Tree, owners John and Donna Woelfel, decided that Wesley Chapel was the perfect place.

    The Olive Tree expands its offerings of "ultra premium?€ extra virgin olive oils (EVOO) to a second location in Wesley Chapel. Photo by Danielle Hauser.
  3. Massachusetts firm buys Tampa's Element apartment tower

    Real Estate

    TAMPA — Downtown Tampa's Element apartment tower sold this week to a Massachusetts-based real estate investment company that plans to upgrade the skyscraper's amenities and operate it long-term as a rental community.

    The Element apartment high-rise at 808 N Franklin St. in downtown Tampa has been sold to a Northland Investment Corp., a Massachusetts-based real estate investment company. JIM DAMASKE  |  Times
  4. New York town approves Legoland proposal

    News

    GOSHEN, N.Y. — New York is one step closer to a Lego dreamland. Goshen, a small town about fifty miles northwest of the Big Apple, has approved the site plan for a $500 million Legoland amusement park.

    A small New York town, Goshen approved the site plan for a $500 million Legoland amusement park. Legoland Florida is in Winter Haven. [Times file  photo]
  5. Jordan Park to get $20 million makeover and new senior housing

    Real Estate

    By WAVENEY ANN MOORE

    Times Staff Writer

    ST. PETERSBURG —The St. Petersburg Housing Authority, which bought back the troubled Jordan Park public housing complex this year, plans to spend about $20 million to improve the 237-unit property and construct a new three-story building for …

    Jordan Park, the historic public housing complex, is back in the hands of the St. Petersburg Housing Authority. The agency is working to improve the 237-unit complex. But the latest plan to build a new three-story building for seniors will mean 31 families have to find new homes. [LARA CERRI   |   Tampa Bay Times]