JPMorgan Chase to hire 1,200

The bank says it plans to aggressively expand its mortgage lending business as signs of stability in the housing market emerge.

EMAIL  |   PRINT  |   SHARE  |   RSS
google my aol my msn my yahoo! netvibes
Paste this link into your favorite RSS desktop reader
See all RSS FEEDS (close)
By Ben Rooney, staff reporter

Housing: Best recovery bets
The average home price is forecast to plummet over the next two years. But these 7 cities are predicted to post gains.
Who should be the business leader of the decade?
  • Steve Jobs
  • Warren Buffett
  • Googleís Larry Page and Sergey Brin
  • Bill Gates

NEW YORK ( -- JPMorgan & Chase announced plans Tuesday to hire 1,200 mortgage loan officers as the bank moves to expand its home loan business.

"We have invested in new systems, aggressively grown our capacity and now are looking to increase our sales force," Dave Lowman, head of home lending at Chase, said in a statement.

The New York-based bank said the hiring spree, which will be complete at the end of 2010, will grow its home loan sales force by 60%.

New loan officers will be hired in 23 states -- including California, Florida and Texas and key cities such as New York and Chicago.

The new loan officers will work with personal bankers and referral sources, such as real estate agents and builders, as well as with their own network of homeowners.

Lowman said the goal is to ensure that Chase branches are adequately staffed and that the bank is "well positioned when the housing market fully recovers."

While the housing market remains weak, home sales have begun to pick up in many parts of the country as buyers take advantage of rock-bottom prices and attractive mortgage rates.

"It's not surprising to see JPMorgan doing what it's doing," said Mike Larson, a housing market analyst at Weiss Research.

Chase weathered the downturn in the housing market better than rival mortgage lenders Bank of America (BAC, Fortune 500) and Citigroup (C, Fortune 500), and has emerged as one of the dominant player in the home loan business.

"With so many competitors falling by the wayside, I think JPMorgan sees the opportunity to grab market share as the housing market appears to be stabilizing," Larson said.

Chase (JPM, Fortune 500) originated $37.1 billion in mortgages in the last quarter through more than 5,100 branches nationwide. The company also services $1.1 trillion of home loans.  To top of page

They're hiring!These Fortune 100 employers have at least 350 openings each. What are they looking for in a new hire? More
If the Fortune 500 were a country...It would be the world's second-biggest economy. See how big companies' sales stack up against GDP over the past decade. More
Sponsored By:
More Galleries
17 cool gadgets that tease the future Smart telescopes, surveillance for dogs, an electric roadster and more from CES 2018. More
These 12 airplane beds let you really sleep on a flight For the price of a premium class ticket, you may just get a space that's comfortable, private, and quiet enough to ensure a good rest. More
CES 2018 kicks off with oddball gadgets The biggest tech show of the year opened with a collection of quirky gadgets. More
Worry about the hackers you don't know 
Crime syndicates and government organizations pose a much greater cyber threat than renegade hacker groups like Anonymous. Play
GE CEO: Bringing jobs back to the U.S. 
Jeff Immelt says the U.S. is a cost competitive market for advanced manufacturing and that GE is bringing jobs back from Mexico. Play
Hamster wheel and wedgie-powered transit 
Red Bull Creation challenges hackers and engineers to invent new modes of transportation. Play