JP Morgan Chase slashes 550 jobs at Florence division

JP Morgan Chase and Company laid off 550 employees at its Florence Division Thursday morning.

This is half of the company's workforce at the Florence office.

The employees got a 90 day notice Thursday.

In January, the company laid off 300 workers.

Fewer homeowners are falling behind on their mortgages, so fewer employees are needed to assist those who are struggling, said JP Morgan Chase's media relations official, Amy Bonitatibus.

The company has scheduled 24 job fairs within the next few weeks to help employees find other jobs, Bonitatibus said.

The company is also working with the SC Department of Employment and Workforce to help affected employees.

Last October, the company laid off 30 people, saying it eliminated the positions after evaluating current business needs.

JP Morgan Chase opened a mortgage division in Florence after it bought out Washington Mutual nearly five years ago.