Industry News

Chase cutting 460 jobs in collections

Mortgage, home-equity collections to be consolidated in three cities

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JP Morgan Chase & Co. is closing its collection offices in Cleveland and Milwaukee and consolidating the work in Dallas, Phoenix and Columbus, Ohio. Chase will cut 290 employees working in mortgage and home-equity loan collections in Cleveland, and 170 people in Milwaukee, said company spokeswoman Mary Kay Bean. Bean said Chase may hire additional employees to handle the collections workload in Dallas and Phoenix, but that significant hiring is not expected in Columbus. Some collections workers may choose to transfer to other cities, but "there may not be as many employees in the end," Bean said....