An improvement in the U.S. economy is being cited as the reason why JP Morgan Chase plans to cut 350 jobs in Rochester.
A corporate spokesman tells WXXI News that the jobs being cut are in the mortgage banking business, and they are located in the Chase Tower building downtown. Chase says that as the U.S. economy improves, it has meant fewer people have needed refinancing and other mortgage services, and that's meant less demand for that business unit.
The bank says the employees may still apply for other jobs throughout its system. More details are expected to be released in the spring, and the jobs are expected to be cut by late summer or early fall.
