Big bank slashes 1,800 servicing jobs

by Kelli Rogers13 Jun 2013

JPMorgan Chase announced last Friday a nationwide round of job cuts in its mortgage servicing unit that will eliminate roughly 1,800 jobs, as reported by the Wall Street Journal.

JPMorgan earlier this year said it would cut up to 17,000 positions over the next two years, with the bulk of these layoffs coming from the mortgage servicing unit, which handles the process of soliciting payments from delinquent borrowers. With the total number of mortgages in arrears decreasing, fewer employees are apparently needed to man this division.   

The two regions to reportedly be hit hardest by the layoffs are Albion, N.Y., where an entire call center will be closed, and Tampa, Fla., which has otherwise been a growth area for the bank.



Is TILA-RESPA a good or bad thing long term?