JUNE 22, 2022 — MAJOR LAYOFF IN THE MORTGAGE SECTOR: 500+
The company has announced a major reduction in force driven by declining mortgage origination and refinancing activity plus rapidly increasing interest rates with the potential to curtail debt sales in the secondary market.
The reduction will impact hundreds of home-lending employees with layoffs and reassignments, currently estimated at more than 1000 employees, with half being transitioned to other positions.
reassigning hundreds more this week as rapidly rising mortgage rates drive down demand in what had been a red-hot housing market.
A company spokesperson noted, “Our staffing decision this week was a result of cyclical changes in the mortgage market. We were able to proactively move many impacted employees to new roles within the firm, and are working to help the remaining affected employees find new employment within Chase and externally.”
JANUARY 28, 2020 — WARNING OF IMPENDING CUTS
According to credible published sources, the bank will be cutting “hundreds” of positions in its consumer units which handle depository banking, credit-card operations, and consumer lending for homes and vehicles. A more formal announcement will be scheduled for February 6, 2020. There is growing concern that the cuts may be linked to increased offshoring of American jobs.
OCTOBER 14, 2018 — ANOTHER 400 EMPLOYEES GONE
The bank has announced that it will be reducing its headcount in its consumer mortgage operations. Layoffs in Phoenix, Arizona; Jacksonville, Florida; and Columbus, Ohio will total approximately 400 employees. The decision is based on reduced market activity and mortgage servicing operations. This is an area that has been highly affected by technology as consumers choose self-service options rather than requiring human assistance.
AUGUST 31, 2018 — Original Post…
JPMorgan Chase & Company, the largest bank and financial services company in the United States announced that they were responding to market shifts and were laying off 100 employees in the asset management division.
This type of staff recalibration is not usual and usually follows cost-cutting initiatives designed to improve performance and profits.
Of course, there was the usual corporate-speak from a company spokesperson who noted, “We routinely review our coverage model to ensure appropriate staffing levels across a variety of functions. Any reductions will be relatively small and will not impact our continued investment in client coverage and our business.”
One cannot help but wonder about the increasing impact of technology, especially applying artificial intelligence to portfolio management and maintenance. The ongoing review has already cost a number of employees their positions and it is likely to continue for the foreseeable future.
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?