THE jobs misery continues in Swindon after a leading financial services company revealed 180 jobs are under threat.
Employees at J.P. Morgan, part of JPMorgan Chase & Co, a global financial services firm with assets of $2.3 trillion, face an uncertain future after the company lost a contract with Threadneedle Investment Services.
All 180 workers at Lydiard Fields who work on the contract have been notified about their employment, and the Adver understands that J.P. Morgan does not have to make any final decisions on redeploying them to other offices around the country until 2014.
The company, which has offices in Bournemouth, Glasgow, London and Dublin, and works with clients in more than 100 countries, is the latest in the town to deal a heavy blow to workers.
Warm Space, a family-run insulation company, is also having to lay off almost half of its 100 employees after losing grant funding.
And another 100 jobs are under threat at The Bank of New York Mellon’s offices in Swindon after bosses announced it will close in a matter of weeks. This came after the company also lost its contract with Threadneedle. Some of the 134 works were given the opportunity to relocate to Essex but few are understood to be willing to accept the offer.
South Swindon MP Robert Buckland said he would be willing to meet with J.P. Morgan to find out more about the redeployment process and the support in place for employees.
“I am obviously concerned to hear about this news,” he said.
“I understand the employees have an opportunity to relocate and this is good for perhaps, younger employees who are unattached or don’t have families in Swindon, but there is always going to be a cohort of people who have settled and have children at schools in Swindon or partners working here, so it would be very difficult for them to move.”
North Swindon MP Justin Tomlinson described the news as very disappointing.
“If this is the case, myself and Robert would look to work with the management team over the next year to see what options are available.”
When the Adver contacted J.P. Morgan, a spokesperson said no statement would be released.