JP Morgan Chase Co.

JPMorgan Chase & Co. said recently it is eliminating 132 jobs at its home-equity processing center in Cleveland. About half the employees at the downtown office in Tower City will lose their jobs and then get severance packages, said a Chase spokeswoman. From 12 to 15 employees are expected to be reassigned to full-time positions in other divisions. Employees were told recently which category they fit. Chase will continue to employ 145 people in its first-mortgage division downtown and a total of 1,100 employees in Greater Cleveland. The positions being cut are primarily processing jobs in the company's national home-equity lending center. They're a mix of entry-level and veteran positions. The shutdown stems from the New York bank's decision to stop doing home-equity loans and lines of credit through third-party brokers who don't work for the bank.