Business Services Industry
J.P. Morgan Chase to close Maitland, Fla., mortgage center cutting 150 jobs.
Knight Ridder/Tribune Business News, August, 2004
By Richard Burnett, The Orlando Sentinel, Fla. Knight Ridder/Tribune Business News
Aug. 12--Financial giant J.P. Morgan Chase & Co. plans to close its mortgage-processing unit in Maitland and eliminate more than 150 jobs in a cost-cutting move, the company said Wednesday.
Employees were notified this week that the center will be phased out over the next seven months, giving workers time to apply for other jobs in the company, Morgan Chase spokesman Chris Spencer said.
The Maitland operation fell victim to two major developments: the falloff in refinancing in the mortgage-banking industry and the merger of J.P. Morgan Chase and Bank One, which took effect last month.
"Market forces and cost-reduction efforts from the merger made...
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