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JPMorgan Chase to cut more jobs in Tampa Bay area

Local layoffs for JPMorgan Chase are piling up, as the New York financial services giant plans to cut more than 450 jobs in the Tampa Bay by the end of 2009.

The latest blow: JPMorgan confirmed Friday that it is cutting 300 jobs in its treasury and securities division in Seffner as it shifts that workload to the Philippines and India to cut costs. The cuts, which employees at the company's Highland Oaks complex found out about Thursday, will go into effect over the next 14 months.

The news comes two days after the company notified the state that it is eliminating 93 jobs at its Fountain Square complex near Tampa International Airport. Those workers handled telephone sales calls relating to student loans. Separately, JPMorgan told 75 employees in the mortgage division several months ago that it was eliminating their jobs by the year's end.

Company spokeswoman Nancy Norris said the bay area isn't alone in feeling the impact of JPMorgan's drive for corporate efficiency and shifting out of underperforming businesses.

"We operate so many different lines of business that we have seen similar reductions … elsewhere in the United States," she said.

None of the changes are connected with JPMorgan Chase's acquisition of troubled Washington Mutual, the company said.

Affected workers in the company's treasury and securities division were involved in electronically tracking money around the world. Despite the offshoring push, the company plans to keep Tampa as the unit's main hub.

Norris described the work as very complex operational jobs paying in the range of $35,000, though she was hesitant about estimating average salaries.

Currently, JPMorgan has about 3,800 employees in Tampa, most at either the three-building Highland Oaks or at Fountain Square. JPMorgan owns both campuses, and Norris said there are no plans to sublease space or sell any of the buildings.

Unlike previous bay area layoffs, the latest job cuts will not trigger a need for JPMorgan to reimburse the government funds for any job-creating tax incentives it received, the company said.

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

JPMorgan Chase to cut more jobs in Tampa Bay area 10/24/08 [Last modified: Tuesday, October 28, 2008 6:52pm]
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