TAMPA, FL-JPMorgan Chase plans to close severalbusiness units whose mission is to provide assistance to distressedhomeowners by this fall. The job cuts will be divided between twolocations near Tampa International Airport.

The New York City-based financial services firm disclosed in afiling with the state of Florida that it plans to eliminate 208mortgage positions in the Tampa area by Oct. 11, according to theAssociated Press. The layoffs are in addition to the 435 positionsit reported back in June it was cutting in Florida.

"This is part of the ongoing work to adjust to market dynamics,"Maribel Ferrer, a Chase spokeswoman, said. "Fewerhomeowners are struggling with their mortgages, and many peoplehave already refinanced, taking advantage of the stronger economyand historically low rates. It's a good thing for the economy thatwe don't need people in those positions," but "hopefully we canreassign some of them internally."

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John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.