550 laid off from Florence JP Morgan Chase office

Posted: 03.07.2013 at 4:30 PM

JP Morgan Chase is laying off 550 employees from its Florence office. / MGN

FLORENCE, S.C. (AP) -- JP Morgan Chase is laying off 550 employees from its Florence office.

Spokeswoman Amy Bonitatibus said Thursday that fewer employees are needed because of a continued decline in delinquent loans and foreclosures, a specialty area for the Florence office.

JP Morgan Chase opened a mortgage division in Florence after it bought out Washington Mutual nearly five years ago. The cuts announced Thursday represent half of JP Morgan Chase's current workforce in Florence.

The company also laid off 300 workers in January. JP Morgan chase has scheduled job fairs in coming weeks to help employees find new work.

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