Impact of Chase job cuts in North Texas uncertain
JPMorgan Chase & Co., which employs about 15,000 people in North Texas, plans to cut thousands of jobs company wide by 2014, the nation's biggest bank said. A Texas spokesman for Chase said it's too early to say just how North Texas will be hit by the layoffs, but noted that "we will remain a major employer in North Texas." Chase said Tuesday it will cut as many as 19,000 jobs, including about 4,000 this year, mostly by attrition, and the remainder in 2014. It said 13,000 to 15,000 of the positions eliminated will be mortgage-related, and 3,000 to 4,000 will be in community banking.
Chase is the second-largest bank by deposits in the Dallas-Fort Worth-Arlington metropolitan market, behind Bank of America, and the largest in Tarrant County as of June 30, according to the Federal Deposit Insurance Corp. Chase spokesman Greg Hassell said Chase has 242 branches in North Texas, but could not provide a breakdown of its mortgage-related employment in the region. Chase in August 2011 said it would add 700 mortgage servicing positions at its Lewisville facility to handle the flood of troubled home loans. At the time, Hassell told the Star-Telegram Chase also had added 500 jobs at a Coppell facility to handle loan modifications, and 125 at a mortgage documents center in the CentrePort development just south of Dallas/Fort Worth Airport. In June 2011 Chase opened an Arlington Homeownership Center with six counselors, and in November 2010 it held a job fair to fill about 140 mortgage banking positions planned for the CentrePort facility. At the time it was reported that 1,500 people worked at that facility in consumer and business banking.
"Fewer homeowners are falling behind on their mortgages, so we need fewer employees to assist those who were struggling," Hassell said. He said the bank will help affected employees find openings at Chase or other local employers.
-- Jim Fuquay