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JPMorgan Chase Lays Off 839 Employees In Fallout From Foreclosure Review Settlement

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The layoffs came swiftly at JPMorgan Chase and Co. last week following the announcement that a much-maligned program meant to identify and compensate borrowers who were hurt by fraudulent foreclosures was being shut down. But the heads rolling were not those belonging to the bank executives, corporation counselors or operations managers who helped run the program into the ground. Instead, according to an announcement posted to the New York State Department of Labor website, the bank began firing 529 of the employees who had been poring over individual foreclosure files from within a suite in downtown Brooklyn.

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