Source: The Columbus Dispatch —
The largest private employer in Columbus has cut some jobs in its mortgage business, a reflection of home lending being hurt by higher interest rates.
JPMorgan Chase & Co.’s CEO, Jamie Dimon, acknowledged the losses in an interview with The Dispatch this week, but said overall the bank continues to invest and grow.
“Big companies are always kind of morphing. We’re adding and subtracting,” said Dimon, in Columbus to visit with workers and clients and meet with business and political leaders. “You have to be responsive to things. Unfortunately, mortgage can be a very tough business and very volatile. You have seen some cuts in the mortgage area. For the most part we’re expanding.’’
Other banks have cut mortgage jobs as well, as home sales take a hit due to higher interest rates. Wells Fargo & Co., one of the nation’s biggest lender, cut hundreds of mortgage jobs this week, according to a report by CNBC.
Overall, Dimon said the bank is investing $14 billion this year in areas such as technology, new branches and adding bankers and traders.
“We’re generally in the expansionary mode,” he said. “That doesn’t mean we’re not reducing headcount somewhere.”
The bank would not say how many jobs have been cut in Columbus.
Chase has 17,200 workers in central Ohio and 20,000 in the state. At any point, the bank has several hundred openings, according to OhioMeansJobs.com, the state jobs website.
“Anyone who is being displaced we do everything we can to get them another job here or elsewhere,’’ Dimon said.
Columbus is critical to JPMorgan operations
Back in 2004, when JPMorgan bought Bank One, Columbus leaders feared that the deal would mean a loss of jobs for the region.
The old Bank One had been headquartered in Columbus, but relocated to Chicago when it acquired First Chicago in 1998. Chase then bought Bank One in 2004.
