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You know it can’t be good when you hear about job loss in the banking sector. Cronkite News reports some troubling economic news:
JP Morgan Chase, which has been the subject of various federal inquiries, has laid off nearly 500 employees in Phoenix.
The articles also says the bank is expecting to cut loose 17,000 more mortgage jobs by early 2014. I was talking to someone from my old job at Citi Mortgage in Rita Ranch, and they said this could also be the case for the originations and refinance departments here. I wouldn’t be surprised if this was rumor, but 760 Citi employees in Nevada received the laid off notice yesterday.
This article appears in Sep 19-25, 2013.
That’s because these morons jerk around for months on a file just to never end up writing the mortgage. That can’t be efficient practice.
Or maybe they were temps hired to TRY to sort out the mess in Arizona. Now that mess has slowed, we hope, and banks are letting go of junior staff (and some old folks whose time has come). Maybe.
If you think the mortgage mess is cleaned up in Arizona, one single iota, I feel bad for you.