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JPMorgan Chase to Close Albion Mortgage Facility; 400 Workers Affected

6:18 PM, Jun 7, 2013   |    comments
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ALBION, N.Y. -- JPMorgan Chase will close its mortgage facility in Albion in Orleans County in September, putting 400 people out of work. But there are efforts to find new work for those employees.

A company spokesperson says the mortgage servicing facility is closing because the economy is improving.  Fewer homeowners are behind on their mortgages, eliminating the need for work done at the facility in Albion.

Below is the full statement from the company:

"Fewer homeowners are falling behind on their mortgages, so we need fewer employees to assist those who were struggling. This shift is good for homeowners and the economy overall. We will work with affected employees to find openings at Chase or other local companies."

Employees at the call center say that they were informed of the layoffs around 4:30 p.m. Thursday.

The employees have 90 days until they will lose their jobs. The mayor of Albion, Dean Theodorakos says that 150 positions could be transferred to Rochester, but according to company employees these jobs would require them to take pay cuts.

Both Senator Chuck Schumer and Congressman Chris Collins say they are reaching out to company executives. Collins says he heard from one top manager that another firm contacted JP Morgan Chase with some interest in the site. Collins says another company contacted his Congressional office to ask about the facility. State Assemblyman Steve Hawley, who represents Albion, says he has heard similar talk but no names of companies are being released and nothing is definite.

Hawley also says that JPMorgan Chase got "Pilot's" or payments in lieu of taxes when it first came to Albion in 2009. But now those agreemrnts will be ended with the shutdown. And since the banking gian owns the facility, it must now pay full property taxes until it sells it. The Assemblyman says that may be an incentive for JPMorgan Chase to help find a new company to take over.      

Mayor Theodorakos says that the JP Morgan Chase call center is the largest employer in the town and one of the largest in the county. The bank and mortgage giant bought the call center several years ago from Washington Mutual.

At the time, Schumer got assurances from the company that the center, would stay open. JP Morgan employees say they were given no warning of the layoffs and that the announcement comes as a complete surprise. 

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