San Fernando Valley Business Journal

Chase Lays Off More Mortgage Workers

By Mark Madler Thursday, March 13, 2014

JPMorgan Chase & Co. is eliminating 165 workers from its Chatsworth mortgage-processing office, the bank said Thursday.

The layoffs are part of ongoing staff cuts totaling about 15,000 workers nationwide that the New York bank announced last year.

Chase will work with the employees to find other positions within the bank or with other local companies, spokeswoman Suzanne Ryan said.

The staffing cuts are a second round at the San Fernando Valley location, where 300 employees were laid off six months ago. Some of those employees were hired by a Florida law firm that is expanding nationwide and specializes in defaults, foreclosures and other problem mortgages.

Chase added employees to the mortgage services office during the recession to handle an increased number of foreclosures and refinancing of mortgages but that work has since slowed.

“We are responding to the stabilizing housing market and the declining number of customers refinancing their mortgages due to the rising interest rate environment,” said Ryan, in a prepared statement.

Chase has 17,000 employees in California where it serves more than 10 million customers.