JPMorgan Chase & Co.'s credit card unit will eliminate 450 fraud detection, collections, and customer service jobs in Tempe, Ariz.
Chase Card Services notified the workers Tuesday and the cuts will take place over the next seven months, said Paul Hartwick, a spokesman at the unit's headquarters in Wilmington, Del. Some of the jobs will be replaced by posts filled by new hires in Elgin, Ill., and Orlando, Mr. Hartwick said.
Announced job cuts by financial companies more than doubled, to 87,962, during the first eight months of 2007, the Chicago recruiting firm Challenger, Gray & Christmas Inc. said Tuesday. Chase will continue to employ around 1,000 people in Tempe and 8,800 in all of Arizona after the reductions. It has about 180,000 employees worldwide.
"We are taking advantage of the efficiencies of scale across our system," Mr. Hartwick said. "We will provide severance and other benefits for employees who do not find jobs internally."
