Morgan Chase closing SC office at loss of 450 jobs

      FLORENCE, S.C. (AP) - J.P. Morgan Chase is closing its home mortgage office in South Carolina, putting 450 people out of work.

      The company said Thursday that the workers will be laid off during the coming year.

      Company spokeswoman Melissa Shuffield says the company is closing the office in Florence, S.C., because of a changing housing market. She said fewer homeowners are struggling with their mortgages and many people have already refinanced.

      About 600 employees at the Florence office were laid off in March, and in January the company cut 300 jobs.

      Thirty people were laid off in July of last year.

      Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.