Affected employees include 16 collateral loan services specialists, managers and analysts; six working on insurance services; four loan servicing professionals; and four software and infrastructure engineers, according to a notice filed with state officials.
The layoffs at One Front St. are only a small part of the bank’s nearly 6,000 Bay Area workers and it is still hiring, with over 230 open positions locally, JPMorgan spokesperson Angela Reighard-Rand said.
But the cuts add to a weakening job market. San Francisco’s unemployment rate rose to 4.1% in January from 3.8% in December amid mass tech layoffs.
“This impacts a small number of local employees and we are working hard to redeploy them,” Reighard-Rand said. “We regularly review our business needs and adjust our staffing accordingly — creating new roles where we see the need or reducing positions when appropriate.”
Separately, the bank is planning to hire 50 business bankers in San Francisco and Oakland over the next five years. It is also renovating its offices at One Front St. and 560 Mission St., where its lease expires within five years. Office developers are courting the bank as an anchor tenant as they eye potential new highrise projects.
“San Francisco remains a key growth market for the firm,” Reighard-Rand said.