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JPMorgan to Slash Certain Houston Jobs & Relocate Others
Per a Houston Business Journal report, JPMorgan Chase & Co. (JPM - Free Report) is planning to transfer certain Houston jobs in order to streamline its operations related to auto loans. The company communicated its intent to the Texas Workforce Commission (“TWC”) last week.
The move comes on the heels of the company’s plan to shut its Chase Auto Finance operations in Houston. The closure will impact around 90 local jobs, while the company will move some other jobs related to auto loans to Houston.
Chase Auto Finance operations in Houston will close in August. The employees were notified beginning Jun 8 and the job eliminations are effective from Aug 7.
JPMorgan’s spokesman Greg Hassell told the Houston Business Journal that the layoffs were related to collections and the operations will be consolidated in other markets.
The company is shifting 52 jobs related to consumer auto loans to Houston and those have already been filled by a few of the 90 affected employees. Notably, JPMorgan is trying to relocate the remaining affected employees.
According to the company’s Worker Adjustment and Retraining Notification Act letter to the TWC, relocation support will be provided for certain positions. Also, outplacement assistance and other severance-related benefits will be available for eligible employees.
The job cuts come on the back of the company’s efforts to streamline operations and concentrate similar jobs to create efficiencies. It is “a lot less about market conditions,” Hassell said.
According to the Houston Business Journal report, JPMorgan has around 6,900 workers in the Houston area and it currently is looking to fill about 200 positions locally.
With stringent regulatory requirement and uncertain global economic growth, banks are facing increasing difficulty in boosting top-line growth. Hence, to maintain profitability, big banks including Bank of America Corporation (BAC - Free Report) , HSBC Holdings plc (HSBC - Free Report) and Barclays PLC (BCS - Free Report) have also taken defensive measures like trimming jobs as well as closing/divesting non-core and unprofitable businesses.
Currently, JPMorgan carries a Zacks Rank #3 (Hold).
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