Make us your home page
Instagram

JPMorgan Chase closes mortgage units, cuts another 208 jobs

The latest job cuts will be split between two Chase locations near Tampa International Airport and are effective Oct. 11.

Associated Press

The latest job cuts will be split between two Chase locations near Tampa International Airport and are effective Oct. 11.

JPMorgan Chase is closing several business units in Tampa set up to help distressed homeowners, a decision that signifies an improving economy even as it triggers more than 600 local job cuts this summer and fall.

The New York megabank disclosed in a state filing Friday that it will eliminate another 208 mortgage jobs here in October on top of 435 job cuts it revealed in June. Combined, that means JPMorgan Chase has announced more job cuts just in Tampa this year than any other company in Florida.

"This is part of the ongoing work to adjust to market dynamics," Chase spokeswoman Maribel Ferrer said. "Fewer homeowners are struggling with their mortgages, and many people have already refinanced, taking advantage of the stronger economy and historically low rates.

"It's a good thing for the economy that we don't need people in those positions," but "hopefully we can reassign some of them internally."

Chase currently has about 400 open positions in Tampa in its credit card, auto and other units. For workers who do not qualify for other internal jobs, outplacement assistance and other severance benefits will be offered.

The latest cuts will be split between two Chase locations near Tampa International Airport — 4919 Memorial Highway and 4915 Independence Parkway — and are effective Oct. 11, according to a Worker Adjustment and Retraining Notification with the state that was disclosed Friday afternoon.

In a letter accompanying the WARN notice, Chase vice president Magaly Denis-Roman said the company is exiting operations for three business units at the two sites: collections, consumer direct underwriting and its Chase Home­ownership Centers. The centers were created during the housing crisis to help guide troubled homeowners through loan modifications or discuss other alternatives to foreclosure.

A breakdown of job titles showed that the majority of affected workers were in loan underwriting and collections.

Denis-Roman said the bank is giving notice to terminated employees in this second round between Aug. 13 and Sept. 12.

In February, 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 housing overall.

Chase has about 16,500 employees in Florida, including about 5,000 in the Tampa Bay area. More than 4,000 of the local employees work either at the Independence Parkway complex or the Memorial Highway location.

Ferrer declined to "speculate" on whether there will be additional cuts.

"We're continually evaluating resources. We're going to evaluate the needs," she said, noting that the company has made "substantial progress" in its job-cutting goals in mortgage operations for the year. "We remain very committed to the market."

Jeff Harrington can be reached at jharrington@tampabay.com or (727) 893-8242.

JPMorgan Chase closes mortgage units, cuts another 208 jobs 08/09/13 [Last modified: Friday, August 9, 2013 9:38pm]
Photo reprints | Article reprints

© 2017 Tampa Bay Times

    

Join the discussion: Click to view comments, add yours

Loading...
  1. Trump shuts down CEO advisory councils as main group acts to disband

    Business

    President Donald Trump's main council of top corporate leaders disbanded on Wednesday following the president's controversial remarks in which he equated white nationalist hate groups with the protesters opposing them. Soon after, the president announced on Twitter that he would end his executive councils, "rather than …

    President Donald Trump meets with Merck's chief executive, Kenneth Frazier, second from left, and other leaders of the pharmaceutical industry in the Roosevelt Room of the White House last January. On Wednesday, Trump's main council of top corporate leaders disbanded following the president's controversial remarks in which he equated white nationalist hate groups with the protesters opposing them.
[New York Times file photo]
  2. A long-awaited vision for Tampa's Westshore Marina District

    Real Estate

    TAMPA —Eleven years after plans to develop a waterfront tract on the Tampa side of the Gandy Bridge were first announced, a new rendering gives a hint of what Westshore Marina District ultimately will look like.

    Rendering of Marina Pointe, a condo project overlooking Tampa Bay as part of the Westshore Marina District. [Courtesy of Masterfile Corp.}
  3. Buddy Brew Coffee to open downtown Tampa location

    Business

    TAMPA — Buddy Brew Coffee plans to open a new location in downtown Tampa at Park Tower in early 2018. The specialty coffee craft roaster, which was founded in 2010, has five other locations throughout Tampa including the Oxford Exchange, Sarasota, Hyde Park Village and Terminal F inside the Tampa International …

    A cappuccino is displayed at Buddy Brew in Tampa in January 2017. [CHARLIE KAIJO | Times]
  4. Where to pig out for National Bacon Lovers Day

    Food & Dining

    That's right: Sunday is the national day devoted to all things bacon, National Bacon Lovers Day. Which, really, isn't too different from the other 364 days of the year. But here's a little roundup of some special places to celebrate everyone's favorite meat snack (seriously, even vegans have a grudging respect …

    A creme-filled doughnut topped with maple frosting and bacon at Dough on MacDill Avenue in Tampa.
  5. The Penny Hoarder tops 79 fastest growing Tampa Bay companies on Inc. 5000

    Business

    ST. PETERSBURG — The Penny Hoarder on Wednesday further cemented its reputation as one of the country's fastest growing companies. The personal finance web site business ranks 25th nationwide and tops in the Tampa Bay market for growth on the 2017 Inc. 5000 list of fastest growing businesses.

    Vishal Mahtani (left), vice president of business development, Alexis Grant (center), executive editor, and Kyle Taylor, CEO and founder of The Penny Hoarder, celebrate the news with their staff  Wednesday of making the new Inc. 5000 ranking of fastest growing companies in the country. They enjoyed champagne during a catered lunch at their office in downtown St. Petersburg after ranking 25th nationwide and tops in the Tampa Bay market for growth on the just released 2017 Inc. 5000. [DIRK SHADD   |   Times ]