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.