JPMorgan Chase issuing 107 pink slips in San Antonio

JPMorgan Chase & Co. is laying off 107 San Antonio employees as it relocates its Banker Support Division. >>>See which other businesses have laid off the most employees in Texas in 2018... JPMorgan Chase & Co. is laying off 107 San Antonio employees as it relocates its Banker Support Division. >>>See which other businesses have laid off the most employees in Texas in 2018... Photo: Scott McIntyre /Bloomberg Photo: Scott McIntyre /Bloomberg Image 1 of / 32 Caption Close JPMorgan Chase issuing 107 pink slips in San Antonio 1 / 32 Back to Gallery

JPMorgan Chase & Co. is laying off 107 workers from its location at 20855 Stone Oak Parkway, according to a notice published Friday by the Texas Workforce Commission.

The employees are members of the Banker Support Team, which handles inquiries from branch bankers. Company spokesman Greg Hassell said the functions of the San Antonio team are being absorbed into Banker Support teams in other cities.

The bank announced its intent to move the division on Tuesday, with formal notice on the terminations beginning Wednesday.

The bank said it would assist affected employees in finding other positions within the company and offer relocation assistance to others.

“Outplacement assistance and other severance related benefits will be provided to eligible employees. We will assist employees in finding and applying for available jobs within JPMorgan Chase,” Hassell said in an email. “We always look for ways to operate more effectively and efficiently, driving down costs for our customers and clients.”

Under the state’s Worker Adjustment and Retraining Notification Act, businesses of 100 or more employees must give workers affected by large layoffs 60 days notice. Termination dates begin Dec. 1.

New York City-based JP Morgan Chase is the nation’s largest bank, with more than 250,000 employees, including about 5,000 in San Antonio. It has in recent years closed branch offices across the nation and in Bexar County as customers increasingly do their banking online.

The announcement follows San Antonio-based USAA’s Sept. 20 announcement it was eliminating 265 jobs in its real estate lending operations amid a national slowdown in home loan applications and mortgage refinancings.

lbrezosky@express-news.net