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JPMorgan To Cut 300 Jobs In Seffner, Shift Work Overseas

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By MICHAEL SASSO | The Tampa Tribune

Published: October 24, 2008

Updated: 10/25/2008 09:54 am

TAMPA - JPMorgan Chase said today it plans to lay off 300 people from its Seffner Treasury and Securities Services campus and shift the work to offices in the Philippines and India.

Such "offshoring" of work is one of three layoff notices the New York-based bank revealed this week.

On Thursday, the company announced it is cutting 93 jobs in Tampa as it consolidates its education finance division in Indianapolis. The company also is cutting 75 jobs in its Tampa wholesale mortgage division because of changes in the mortgage market, although the bank notified those employees a few months ago.

Combined, those three layoff actions will result in at least 468 employees in the Tampa area losing their jobs. JPMorgan Chase currently has 3,800 Tampa-area employees. The cuts do not affect Washington Mutual employees, who joined the company when JPMorgan Chase recently acquired Washington Mutual.

JPMorgan Chase spokeswoman Nancy Norris said the bank routinely monitors its operations for efficiency. It decided to move some of the work being performed at its Treasury and Securities Services division at the Highland Oaks business park in Seffner to Manila and Mumbai. The company already has employees in those two Asian cities performing similar functions to those done in Tampa, Norris said.

However, Tampa will remain the hub for the bank's Treasury and Securities Services division, she said.

The company notified the 300 employees Thursday. They work in a variety of jobs but generally assist in the transfer of money around the world, Norris said. Salaries vary, but a typical salary for affected employees is $35,000 to $40,000. She did not have information about the salaries of the Indian or Filipino employees who will be assigned the work. The job cuts will be made over the next 14 months, and employees will be offered severance payments and job placement assistance, she said.

The decision to move the work overseas – which is often done to reduce costs – was done to improve efficiency and was not done in conjunction with the global financial crisis or JPMorgan Chase's acquisition of Washington Mutual, Norris said.

Reporter Michael Sasso can be reached at (813) 259-7865.

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