JP Morgan Chase & Co. is cutting almost 500 jobs from the Washington Mutual mortgage processing operation in Florence.
The job cuts are among the 9,200 positions JP Morgan plans to eliminate as part of its takeover of Washington Mutual Bank. JP Morgan acquired WaMu in September for $1.9 billion after WaMu became the nation’s largest bank to falter as a result of the credit crunch.
The operation in rural Florence currently employs 876 people and is one of the community’s largest employers.
JP Morgan plans to keep the center open for the foreseeable future after reducing its staff to about 380 — a nearly 60% cut — JP Morgan spokeswoman Nancy Norris said.
On or before Monday, 126 employees received a 60-day notice, Norris said. An additional 370 employees will remain on the staff in a transitional role, with their jobs to be eliminated in phases throughout 2009.
Employees who were laid off already will receive pay at least through February, plus a severance package. Transitional employees will receive double their salary until their jobs are eliminated, plus severance, Norris said.
JP Morgan is working with the laid-off employees to help them find other jobs, she said.
The bulk of JP Morgan’s layoffs were in Seattle, where WaMu was headquartered. Some 3,400 employees are being cut, largely from administrative and back-office support positions that provided services JP Morgan already offers. The rest of the layoffs are scattered at payment and mortgage processing operations across the country.
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