JP Morgan Chase lays off 300 employees

FLORENCE, SC (WMBF) -A layoff at JP Morgan Chase in Florence has left 300 employees without a job.

The JP Morgan Chase office on Enterprise Drive in Florence is part of the national banking business, not a regionally specific office.

"Fewer home owners are falling behind on home loans, so JP Morgan Chase needs fewer employees to assist those who are struggling. We will work with affected employees to find openings at Chase or other local companies. JP Morgan Chase continues to employ more than a thousand workers in Florence who will continue serving customers," says Amy Bonitatibus, spokeswoman for Chase Home Loans.

Over the last four years, the companies say they have helped one million people in foreclosure nationwide. There is a 63 percent decrease in home owners becoming delinquent, and since 2010 the 30, 60 , 90 day inventory is down 27 percent.

Edd Johnson said he thinks the layoffs show proof the economy is still moving downwards.

"It's scary, it is. You put yourself, here we are a first world country and you look at the third world countries. We are getting almost in the same shape they are. I hate it, but you know, what can I say?" Johnson said.

Johnson said, regarding the economy, he fears for the future of his grandchildren.

"Not only JP Morgan but, well even JC Penney's, Sears, Kmart. These people are cutting their employees, cutting the prices, closing the stores. What do we got to look forward to?" Johnson questions.

After the layoffs, an estimated 1,000 employees will continue to work at the JP Morgan Chase location in Florence.

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