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Chase Laying Off 300 in Chatsworth

JPMorgan Chase & Co. announced Thursday it is laying off 300 workers from its Chatsworth mortgage-processing office. The layoffs are part of staff cuts totaling about 15,000 workers nationwide that the New York bank announced six months ago. Employees will be phased out from the San Fernando Valley location over the next three months to one year, with several hundred remaining at the office. The bank will work with affected employees to find openings at Chase or other local companies, spokesperson Suzanne Ryan said. Chase added employees to the mortgage services office during the recession to handle an increased number of foreclosures and refinancing of mortgages but that work has since faded, she said. “Fewer homeowners are struggling with their mortgages and many people have already refinanced, taking advantage of the stronger economy and historically low rates,” Ryan said. The bank also announced Thursday it was cutting 245 jobs from its Irvine mortgage business unit. Chase has 20,000 employees in California where it serves more than 10 million customers.

Mark Madler
Mark Madler
Mark R. Madler covers aviation & aerospace, manufacturing, technology, automotive & transportation, media & entertainment and the Antelope Valley. He joined the company in February 2006. Madler previously worked as a reporter for the Burbank Leader. Before that, he was a reporter for the City News Bureau of Chicago and several daily newspapers in the suburban Chicago area. He has a bachelor’s of science degree in journalism from the University of Illinois, Urbana-Champaign.

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