JPMorgan Chase to cut 186 area jobs
JPMorgan Chase & Co. is the latest company to cut staff in its mortgage operations as rising interest rates reduce refinancing activity.
The company filed a Worker Adjustment and Retraining notice Tuesday saying it will cut 186 jobs in the Jacksonville market.
“We are responding to our customers’ changing needs. Fewer homeowners are struggling with their mortgages and many people have already refinanced, taking advantage of the stronger economy and historically low rates,” JPMorgan Chase spokeswoman Maribel Ferrer said in an email.
She said the company is working with the affected employees to find openings
at the bank or with other local companies.
The WARN notification cited a layoff date of Nov. 22-Jan. 1.
JPMorgan Chase has about 3,800 employees in the Jacksonville market, mainly in its mortgage operations.
However, the company earlier this year announced plans to open more than a dozen bank branches in the Northeast Florida market, which will operate under the Chase name.
“Jacksonville is a growth market for Chase and we are committed to the city,” Ferrer said.
Other large banks with major Jacksonville operations also have been cutting employees because of the drop in mortgage activity.
Wells Fargo & Co. last week said it cut an additional 17 jobs in Jacksonville and 1,865 jobs overall.
That followed an announcement in August that it cut 95 jobs in Jacksonville and 2,300 overall in its mortgage operations.
Bank of America Corp. two weeks ago cut 2,100 jobs, but only two of those positions were in Jacksonville.