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Old 08-09-2013, 11:48 AM
 
Location: 92037
4,630 posts, read 10,277,162 times
Reputation: 1955

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On top of the sequestration cuts and our defense industry, this adds more salt to the wound locally.

A very close friend of mine will be one of the 730 which was very disappointing to hear.

Anyone else follow this or know anyone involved in this?



JPMorgan Chase to lay off 730 in San Diego Page 1 of 2 | UTSanDiego.com
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Old 08-09-2013, 11:53 AM
 
9,527 posts, read 30,483,812 times
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Mortgage industry is unstable at the best of times. Low barrier-to-entry business that booms and busts. I'm amazed there were that many jobs still in SD processing mortgages, I figured that stuff was all in Vegas or Phoenix by now.
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Old 08-09-2013, 11:55 AM
 
Location: 92037
4,630 posts, read 10,277,162 times
Reputation: 1955
Yeah Sass I hear you. My friend was telling me that they were talking about closing this office for the past 5 years so after a while he just kind of ignored it.

Apparently it was REOs and other business units in this building as well. But mostly processing of mortgages as I understand it.
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Old 08-10-2013, 12:20 AM
 
31 posts, read 59,968 times
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I used to work as a Career Counselor in the federally funded One Stop Career Center system, of which there are several locations per city/county throughout the country. I am sure Chase is offering outplacement services, but in addition I would encourage them to look into the free services available at the closest One Stop which includes, career/job search workshops, individual career counseling, and community referrals. They also have training funds/grants and additional services via the Workforce Investment Act (WIA) program. They need to apply at the One Stop and jump through some orientation, application hoops. Here are some resources:

1. Link to One Stop locations. See San Diego County: http://www.edd.ca.gov/Jobs_and_Training/pubs/osfile.pdf

2. Separate, but partnered with WIA is EDD which has some programs that may be of interest:

- California Training Benefits program allows those collecting unemployment insurance to continue to receive benefits while attending school, since they will be unable to look for work during this time: http://www.edd.ca.gov/pdf_pub_ctr/de8714u.pdf

- They may qualify for separate training funds (and greater dollar amount than WIA) if labor was outsourced. They can check with EDD to see if someone has already filed a claim. If not, they can start the claim. EDD can help them determine whether the circumstances qualify: http://www.edd.ca.gov/pdf_pub_ctr/de8714x.pdf

I hope this helps! I know how devastating it is, especially with a mass layoff. Best of luck to your friend and get in touch if I can be of further help.
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Old 08-10-2013, 06:35 AM
 
Location: Lyon, France, Whidbey Island WA
20,834 posts, read 17,109,199 times
Reputation: 11535
Chase is busy fighting indictments.

http://dealbook.nytimes.com/2013/03/...nvestigations/
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Old 08-10-2013, 12:45 PM
 
Location: Santaluz - San Diego, CA
4,498 posts, read 9,386,046 times
Reputation: 2015
Quote:
Originally Posted by Sassberto View Post
Mortgage industry is unstable at the best of times. Low barrier-to-entry business that booms and busts. I'm amazed there were that many jobs still in SD processing mortgages, I figured that stuff was all in Vegas or Phoenix by now.
Exactly. I'd say these people were fortunate to be doing this here in San Diego as long as they have been doing.

And like many jobs here in San Diego, this type of job once you lose it, these people will most likely need to move to another city to find another job.

Shmoov, is your friend planning on staying in San Diego?
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Old 08-10-2013, 04:29 PM
 
Location: Hookerville, formerly in Tweakerville
15,129 posts, read 32,335,027 times
Reputation: 9719
The One Stop Career Centers are a waste of time. I filled out the paperwork for the WIA (Workforce Investment Act) to try to get retrained into a different field other than clerical. My case manager wasn't interested in helping me because I had marketable skills. They will only help you if you have no marketable skills, but that's only if you get lucky and get a case manager that actually does their job.

The Chase employees that are being laid off will be joining the unemployment pool.
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Old 08-10-2013, 07:53 PM
 
Location: 92037
4,630 posts, read 10,277,162 times
Reputation: 1955
Quote:
Originally Posted by earlyretirement View Post
Exactly. I'd say these people were fortunate to be doing this here in San Diego as long as they have been doing.

And like many jobs here in San Diego, this type of job once you lose it, these people will most likely need to move to another city to find another job.

Shmoov, is your friend planning on staying in San Diego?
Take a wild guess.

Our conversation went along the lines of this:

Me: Man that really sucks. Sorry to hear that. So what are you going to do? Move? Obviously try and look around here.
Him: I live in the best place in the world, of course I am staying.
Me: So do you have any savings or emergency cash to tide you over?
Him: I have 50k equity in my house, its all my savings. Thats all we need to tide things over.
Me: Thats great, glad to hear the real estate upswing is favoring you so fruitfully. So you are saying you have no savings but your house is? Are you going to look for work at all? I mean there are at least a dozen other guys doing what you are and only so many jobs out there. Whats the plan?
Him: Are you hiring?
....

Let me put it this way. He will never leave EVER. This guy lives and breathes SD and will sell his kidneys to stay here rather than move for his family (has a wife and 6 month old). THis is all fine in some aspects but he is willing put all of this on the line.

I spoke with him a bit after and popped over his place Friday. The conversation about living here with his wife there became quite uncomfortable actually. She seems far more willing to go where the money is where he just cant give up the dream.

I really hope he lands something that is good for his career locally, but not sure if he will ever have his 'come to Jesus' moment that maybe its best for everyone including him to make that move should it come down to it.
BTW, this guy has a Harvard degree.
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Old 08-10-2013, 09:42 PM
 
6,893 posts, read 8,939,150 times
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Does Chase provide him a significant severance, extended benefits?
Does his wife work?
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Old 08-10-2013, 09:59 PM
 
Location: 92037
4,630 posts, read 10,277,162 times
Reputation: 1955
Quote:
Originally Posted by bloom View Post
Does Chase provide him a significant severance, extended benefits?
Does his wife work?
He hasnt been told of any significant severance or extended bennies.

Yes the wife works but lets just say they got their mortgage based on both incomes. I cant viably see how long this can last for more than 3 months without him earning anything.

I am also not sure how banks are handing out HELOCs anymore or any lines of credit from equity. I am hoping they are....
Mind you they have only been in this house for less than two years.
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