JPMorgan Chase to lay off 155 in Garden City
JPMorgan Chase plans to lay off 155 employees in its Garden City mortgage operation, a bank spokeswoman said Tuesday.
The layoffs at 900 Stewart Ave. are scheduled to take place by July 31. A state regulatory notice the company filed Monday said 161 employees would be affected. But spokeswoman Melissa Shuffield said "we were able to find a way to retain some of those positions."
Slightly more than 800 people work at that location, she said.
Shuffield said the layoffs reflect a general slowdown in the mortgage industry.
"We're at a 14-year low for people buying a home or refinancing," she said. "But we know mortgages are important to our customers, and we're committed to the business."
Many other banks have also begun paring their mortgage operations as rising interest rates dampen demand for refinancings.
JPMorgan Chase's first-quarter mortgage-banking net income plunged to $114 million, from a year-earlier $559 million, the bank said in its earnings report released April 11.
The six-story Stewart Avenue building was constructed in 1984 as the regional headquarters building for Chase Manhattan Bank, predecessor of JPMorgan Chase, the location's owner, Onyx Equities, says on its website. The Woodbridge, New Jersey-based real estate investment firm says the building has nearly 248,000 square feet of space.
The state Worker Adjustment and Retraining Notification Act, or WARN, requires companies in New York with more than 50 full-time employees to give workers and the state Labor Department a 90-notice of a mass layoff or closing.