Bank job cuts include Ohio mortgage positions


Big banks are cutting mortgage jobs nationally as the volume of home loan activity slows. Job cuts have come to include several hundred positions in Ohio, home to three major regional banks and other back-office service centers for the country’s largest financial institutions.

JPMorgan Chase & Co.’s largest operations outside of its New York headquarters are in Columbus. Last Thursday, the nation’s largest bank told workers it would cut 300 jobs in central Ohio.

JPMorgan Chase previously announced in February plans to cut a net 17,000 jobs nationally by the end of 2014, including 13,000 to 15,000 jobs in the bank’s mortgage business.

“We are responding to our customers’ changing needs. Fewer homeowners are struggling with their mortgages and many people have already refinanced, taking advantage of the stronger economy and historically low rates. We will work with affected employees to find openings at Chase or other local companies,” said Chase spokeswoman Emily Smith in a written statement.

Chase has approximately 23,000 employees in Ohio, the state’s seventh largest employer overall. The bank currently has more than 400 Ohio job openings in other areas.

Wells Fargo Home Mortgage also announced last week it’s eliminating 68 jobs in West Chester Twp., part of a total 763 jobs being cut nationwide in mortgage, according to a company statement.

Cincinnati-based Fifth Third Bancorp told this newspaper Monday it has made “limited reductions” in its mortgage staff. A specific number was not provided. However, the cuts were not enough to require the company to file a notice ahead of any pending layoffs under the federal Worker Adjustment and Retraining Notification Act.

Under the WARN Act, large businesses have to notify the state in advance of layoffs of 50 or more employees at a time at a single site.

Fifth Third’s largest single site for mortgage operations is at the bank’s Madisonville office building in Hamilton County, said spokesman Larry Magnesen.

“With the recent decline in mortgage refinances, especially coming after a period of record activity, that has prompted a review and then subsequently limited reductions,” Magnesen said.

PNC Mortgage has one of two U.S. mortgage servicing centers in Miami Twp., in Montgomery County, said Marcey Zwiebel, spokeswoman for Pittsburgh, Penn.-based PNC Financial Services Group Inc.

“PNC considers its (Miami Twp.) operations an important part of mortgage business, and we are monitoring and managing our capacity there as we always do,” she said. “We have not announced anything and we don’t speculate about potential future developments.”

The Mortgage Bankers Association predicts home loan originations including interest rate refinances and purchases of new homes to drop nearly 40 percent in the second half of 2013. Delinquency rates have dropped to their lowest levels nationally since mid-2008, the trade group said.



Reader Comments ...


Next Up in News

Anquan Boldin retires after 14 seasons
Anquan Boldin retires after 14 seasons

Anquan Boldin’s football career has come to an end. The former Pahokee and FSU standout has decided to retire after 14 seasons in the National Football League, according to ESPN. The network’s NFL reporter Jim Trotter broke the news Sunday night via Twitter. In a statement, Boldin said he planned to focus on humanitarian work. “My...
1979 solar eclipse news report ended with wish for peace in 2017
1979 solar eclipse news report ended with wish for peace in 2017

“May the shadow of the moon fall on a world at peace.” Those were the words of ABC News anchorman Frank Reynolds, who covered the last total eclipse that passed over the continental United States on Feb. 21, 1979. Reynolds ended his broadcast with a hopeful message of world peace in 2017 when the next total eclipse passed over the country...
10 sailors missing after USS John S. McCain collides with tanker
10 sailors missing after USS John S. McCain collides with tanker

Ten sailors are missing and five are injured after a U.S. Navy destroyer collided with an oil and chemical tanker early Monday. The USS John S. McCain collided with the "Alnic MC" at 6:24 a.m. in the Strait of Malacca off the coast of Singapore in the Pacific Ocean, according to the U.S. 7th Fleet. The USS John S. McCain sustained damage...
Eclipse also has relevance for astrologers
Eclipse also has relevance for astrologers

Monday’s total eclipse is a significant event for astronomers, but it also has relevance for astrologers.  On her website, astrologer Marjorie Orr said that several major history-altering events -- including the explosion of the first atomic bomb and the assassination of President John F. Kennedy -- have occurred within a few months...
Thieves use forklift to steal ATM, police say
Thieves use forklift to steal ATM, police say

Police are asking for the public’s help to identify the thieves who stole an ATM by ramming it with a forklift and loading it into a waiting truck. The thieves used a large CAT forklift to crash into the drive-thru portion of a bank last Wednesday. Police believe the criminals might have some ties to the construction industry. They targeted...
More Stories