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JPMorgan Chase To Lay Off More Mortgage Workers In Phoenix Area
Arizona’s mortgage industry is suffering more job losses. JPMorgan Chase said it will lay off an additional 500 employees at its refinancing division in the Phoenix area. Chase spokesperson Suzanne Ryan said the company has sent out pink slips to a total of 720 mortgage processors since August. Most of the employees are in Phoenix, but some work in Tempe.
In a statement Ryan said fewer home owners are struggling with their mortgages, and many people have already refinanced, taking advantage of the stronger economy and historically low rates.
Ryan also said Chase is working with affected employees to find openings at Chase or other local companies. Ryan said Chase will reduce its workforce by 13,000 to 15,000 mortgage workers nationwide by 2014.
Chase is not the only lender shedding jobs. Last month, Wells Fargo announced it will cut 300 employees in Tempe this fall.