By ERIC RUTH • The News Journal • October 8, 2008
The ongoing credit crisis has claimed the jobs of 140 local workers at Chase Card Services, the Delaware-based credit card operations of JPMorgan Chase & Co.
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Workers in Wilmington and Newark were given 60-day notice of the layoffs Tuesday morning, and have been offered severance packages and outplacement services, according to Paul Hartwick, a spokesman for the bank.
After these layoffs, Chase will have about 6,000 workers remaining in Delaware, mostly in credit cards, but also in other units such as investment banking, wealth management, private banking and corporate technology. The layoffs were all in the card services business units of marketing, operations, human resources, technology, finance and risk management, and included another 160 workers at locations outside Delaware.
The downsizing is a little more than 1 percent of Chase Card Services total work force of about 20,000, and was done to cut costs in the face of rising debt defaults within the industry.
"They're across all functions within the credit card business," Hartwick said. "It's extremely difficult to make a decision like this, but with the challenging economic environment, we've been prompted to take a more prudent approach to how we do business."
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Chase to cut 140 jobs in Delaware 
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