JP Morgan Chase Bails On Pee Dee
At the beginning of 2013, JP Morgan Chase employed more than 1,300 people at its Florence, S.C. location. By the middle of next year, it will employ precisely zero.
“It’s a great day in South Carolina,” right?
The carnage began in January, when the company announced it was laying off 300 workers. In March, it handed out pink slips to another 570 workers. The final blow came earlier this month – when the company’s remaining 450 Florence employees were told they would be laid off at the beginning of the fall.
The company claims this is good news. In fact each round of layoffs was greeted with eerily similar language …
“Fewer homeowners are falling behind on their mortgages, so we need fewer employees to assist those who were struggling,” the company said in January in response to the first round of layoffs.
“Fewer homeowners are falling behind on home loans, so JP Morgan Chase needs fewer employees to assist those who are struggling,” the company said in March.
“Fewer homeowners are struggling with their mortgages, and many people have already refinanced – taking advantage of the stronger economy and historically low rates,” the company said in response to this month’s final round of cuts.
Wow … okay … we get it.
But this isn’t good news for South Carolina. It’s 1,300 jobs gone in the span of a year-and-a-half, when it’s all said and done. Of course unless you live in the Pee Dee – South Carolina’s most backward, impoverished, undereducated region – you probably haven’t heard of these layoffs.
Why not? Because we don’t like to talk about bad news in South Carolina … not when there’s so much good economic news to be paid for with our tax dollars.