JPMorgan Chase Lays Off 839 Employees In Fallout From Foreclosure Review Settlement

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JPMorgan Chase Lays Off 839 Employees In Fallout From Foreclosure Review Settlement

The layoffs came swiftly at JPMorgan Chase and Co. last week following the announcement that a much-maligned program meant to identify and compensate borrowers who were hurt by fraudulent foreclosures was being shut down.

But the heads rolling were not those belonging to the bank executives, corporation counselors or operations managers who helped run the program into the ground. Instead, according to an announcement posted to the New York State Department of Labor website, the bank began firing 529 of the employees who had been poring over individual foreclosure files from within a suite in downtown Brooklyn.

According to The Wall Street Journal, a further 310 employees were let go at a bank facility in Florence, S.C., due to the shuttering of the foreclosure review program.

“Fewer homeowners are falling behind on their mortgages so we need fewer employees to assist those who are struggling. We will work with affected employees to find opening at Chase or other local companies,” Amy Bonitatibus, a spokesperson for JPMorgan, told The Huffington Post.

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4closureFraud.org

Comments
4 Responses to “JPMorgan Chase Lays Off 839 Employees In Fallout From Foreclosure Review Settlement”
  1. Wish I could say i feel sorry for these people but they made thier beds now they have to lie in them.If you Take up with jerks and fools then you deserve to be where you are.Little late to seek compassion don’t you think?

  2. keepon says:

    Get their 839 names & addresses for debriefing!

  3. Charles Reed says:

    From the sound of it they were not doing any work anyway!

  4. bobbi swann says:

    Sorry but I don’t feel bad about this. Should we? These jobs were touted as ‘temporary’ so….I highly doubt that any of these people were unemployed before they were hired and probably a lot of them already came from Chase as part of attrition anyways in some other area. They are known for floating employees all around the place.

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