Surprised that it did not hit the news media on the layoffs. It Took Pl., Wednesday at JP Morgan Chase. More to come. You can bet on it. They have to raise money to pay Jamie’s salary.
They won’t even miss the thousands laid off.
7 replies (most recent on top)
I work in CCB, Merchant Services, credi card payment processing and there a bunch laid off including myself "Headcount reduction"". not aware of total count
The person I know who is laid off was that is the mortgage business. She was on the corporate payments side.
I have worked here a long time. Before JD Chase did care about mortgages. We were a contender! Then we had to buy JD, Bank One, and it all went downhill. He even said he didn’t like mortgages. So yes, we are not in it to win it. And yes, we do not hire people with knowledge. When we do, they quickly leave.
We offer mortgage because it would be strange not to as the #1 bank. It is just convenience and we can’t even capture our own customers who purchase. We do not want to be #1 in share so we should stop pretending. Say we want to be the best with chase customers.
Our “fortress balance sheet” insures we will never be competitive in jumbo, HELOC is not coming back this decade, and you will never see specialty programs like physician loans.
Sitting in a branch getting referrals like most do is not a real retail. which is why we are flooding with people who don’t know mortgage or realtors
Look at Wells, completely got out of the business, we price higher because we can and don't care, it's a small portion of our revenue streams. Mortgage will never be a major component of a major bank, its unstable and refinancing is basically dead at this point for at least 3 or 4 years
You are a fool. Chase published pricing includes 1 point, and is for large loan amounts. Chase is not competitive (never really have been) and if you don't understand this, you don't understand the business. That is exactly the problem at Chase, it's filled with people who are clueless about mortgage.
It was not thousands. Less than a thousand....probably around 500, and it needed to happen. Get real, the mortgage business is dead and people don't like Chase Mortgage. Our pricing is awful (on purpose), and Realtors know we don't really care if a deal closes or not. Chase will never be a "go to" lender for Realtors.