JPMorgan Chase Announced it is Laying Off 475 Employees in North Texas
The housing recovery in North Texas and across the nation is coming at a cost for some workers.
JPMorgan Chase said Thursday that it is laying off 475 mortgage-related employees in North Texas as fewer customers need help with troubled loans.
The local job cuts are part of a previously announced companywide workforce reduction in mortgage banking. In February, JPMorgan said it would cut 13,000 to 15,000 workers over the next year.
The bank has 14,500 workers in North Texas, one of the largest workforces outside of the company’s headquarters in New York.
The staff reduction also reflects a recovering housing market nationwide.
Banks are shifting resources to originating mortgages, while cutting jobs dealing with servicing foreclosures and problem loans.