SC

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…

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.

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17 comments

CNSYD August 19, 2013 at 9:04 pm

This was covered by the msm days ago.

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Will Folks aka Sic August 20, 2013 at 7:31 am

Actually months ago. And we clearly reference when the MSM covered it because there are links to three different MSM pieces in the post.

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Frank Pytel August 20, 2013 at 7:34 am

Why are you whining? This is a boost for the libby’s?

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CNSYD August 20, 2013 at 8:33 am

Whining? This coming whiner in chief Frank Pytel? Sic Willie alleges he “cleared” the reference. Do you see that in his post? Are we supposed to get it from osmosis?

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Frank Pytel August 20, 2013 at 8:57 am

Yes I see it. You’re blind and moro….

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CNSYD August 20, 2013 at 9:37 am

Apparently you have a special computer program or perhaps, as is suspected, Frank Pytel is aka Sic Willie.

Frank Pytel August 20, 2013 at 9:40 am

Thank You. I wish. So kind of you to actually compliment someone, let alone me. :) THANK YOU!! SO NICE.

EDIT: I’m going to point everyone to this post. Thank You.

Kevin S. August 19, 2013 at 10:07 pm

I didn’t buy the justification for a minute – rang hollow.

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Vanguard16 August 19, 2013 at 10:22 pm

This was reported at least two weeks ago!! Glad you could make it!!

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El Kabong August 20, 2013 at 6:51 am

Its a great day in South Carolina! Since Nikki loves to hold press conferences to welcome a new businesses, I wonder if she will go here to turn out the lights and lock the door?

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Heather August 20, 2013 at 7:23 am

Will they be subtracted from Haley’s “job created” numbers??

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Gillon August 20, 2013 at 8:08 am

So what’s FITS’ complaint? He is always talking about “Let the free market work.”
Well, it just did. And hey, “Aren’t corporations people, too?”

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Smirks August 20, 2013 at 8:29 am

JP Morgan Chase is one of the huge banks that never should have been bailed out and should have failed outright anyways. Fuck you Jamie Dimon.

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Jackie Chiles August 20, 2013 at 4:35 pm

The Pee Dee is worse than Allendale, Hampton, Colleton, Bamberg, Barnwell, and Orangeburg Counties? Highly unlikely.

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usc1801 August 21, 2013 at 2:58 am

The only aspect of this I’m interested in is how much, if any, did taxpayers dish out to bring this bunch of crooked bankers to Florence. The Legislature needs to damn well makes sure if **ANY** state tax money is used to attract a specific employer they need to commit to a specific number of employees for a MINIMUM period of time or have to repay the state a pro-rated amount (to include paying back-taxes on the discounted amount as part of a relocation agreement).

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Misstate August 21, 2013 at 10:01 am

well with SC people becoming the most uneducated, people in the country with absolutely zero intellectual curiosity–does this really surprise anyone?

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RFW Allston August 21, 2013 at 12:04 pm

Hey Will, Fuck yo momma. The Pee Dee is the Pearl of the state of South Carolina, you ugly white trash piece of shit.

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