The Wall Street jobs ax is swinging again—this time at JPMorgan Chase.
The bank last Friday announced a nationwide round of job cuts in its mortgage servicing unit that would eliminate roughly 1,800 jobs, according to a person familiar with the matter. The two regions hit hardest by the layoffs: Albion, N.Y., where an entire call center will be closed, and Tampa, Fla., otherwise a growth area for the bank.
JPMorgan in February said it would cut up to 17,000 jobs, with the bulk of these layoffs coming from the mortgage servicing unit, which deals with soliciting payments from delinquent borrowers.
An improving credit landscape means fewer loans are delinquent—and fewer people are needed to service these loans. It would seem credit is improving faster than expected: The layoffs in JPMorgan's mortgage unit—up to 15,000 by the end of 2014—are more than halfway done.