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JPMorgan Chase to close credit center, cut 600 jobs

May 21, 2010

FREDERICK, Md. (AP) - JPMorgan Chase & Co. will close its credit card center in Frederick by the end of the year, eliminating 600 jobs, the company said Thursday.

Tim Keefe, spokesman for Chase, said the facility, which deals mainly with delinquent accounts, will be phased out beginning in the summer.

He said the decision was based on diminishing delinquent account volumes and the need to increase efficiency.

Keefe said that operations will be moved to other Chase locations.

"We understand that this change will be difficult for our employees, and our management teams will work closely with each employee during the transition," Keefe said in an e-mailed statement.

The Frederick News-Post reported that employees learned of the closing on Wednesday, and said neither state nor local agencies have been notified of the closing.

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