The ax is falling on some Sunshine State employees of the nation's biggest bank.
JPMorgan Chase (JPM) recently dismissed 74 employees in Florida as the bank shuffles staff to accommodate demand for mortgage refinances, the Jacksonville Business Journal reported Tuesday.
The layoffs follow the bank's decision to shift some of the roughly 2,700 employees at its Jacksonville-based home lending operation from servicing residential mortgages to originating loans.
Low interest rates have spurred many homeowners to aim to refinance their mortgage loans. About 80% of mortgage applications filed during the first week of September sought to refinance an existing mortgage, the Mortgage Bankers Association reported Wednesday.
A Chase spokeswoman reportedly confirmed the layoffs and added the company has no plans to dismiss additional workers in Jacksonville this year.
In August, Bank of America notified state authorities of plans to lay off 63 employees at its Jacksonville facility, which performs back-office services for the company, by February.