Bergen employers cutting 330 jobs

The Record (Bergen County, NJ) February 21, 2008 | CAROL FLETCHER, STAFF WRITER CAROL FLETCHER, STAFF WRITER The Record (Bergen County, NJ) 02-21-2008 Bergen employers cutting 330 jobs — 4 companies disclose plans By CAROL FLETCHER, STAFF WRITER Date: 02-21-2008, Thursday Section: BUSINESS Edtion: All Editions More than 330 employees have either lost their jobs or are expected to lose them from four Bergen County businesses because of the mortgage lending crisis, consolidations and relocation.

The companies idling workers are banking giant JPMorgan Chase, student loan provider Affinity Direct LLC, generic drug maker Teva Pharmaceuticals USA and clothing retailer H&M Hennes & Mauritz L.P.

The subprime mortgage crisis shuttered JPMorgan Chase’s subprime facility in Woodcliff Lake, one of three affected nationwide, causing the layoff of 70 back-office employees in early January. this web site chase student loans

Spokesman Tom Kelly attributed the closing to the bank’s tougher mortgage underwriting standards, which reduced the number of loans needing to be processed.

“Seventy percent of subprime mortgages that we originated in the fourth quarter of 2006 would not meet our standards today,” said Kelly. The company said it is providing severance pay, job-seeking skills and training to those laid off.

Englewood Cliffs-based Affinity Direct, which makes loans to college students, said in its letter to the state that it will lay off 20 salespeople and others — 32 people in all — in mid-March. It attributed the layoffs to “changes in its business,” according to the letter it sent to the state.

The largest layoff, 155 employees, will occur by late April, when generic drug maker Teva will shut its Northvale facility to consolidate manufacturing and move product to other locations. Positions range from chemists and human resources staff to custodians. The company said there would be opportunities to transfer within the company, but did not answer questions in time for publication.

Swedish-based clothing retailer H&M will be laying off 80 warehouse workers at its North Arlington distribution center, half in late February, the other half in late March. web site chase student loans

The layoffs will involve mostly Hispanic women workers, said Christine Kerber, vice president of UNITE HERE, the international union in Union City representing the workers. Kerber said there are 265 union members who work at the North Arlington facility.

She said the union will be entering negotiations with the company on behalf of the employees because H&M has refused to pay severance and continue employees’ health benefits.

Kerber said the warehouse employees have been unionized for three years and the company has been cooperative in their dealings. H&M did not return several calls seeking comments.

Two sets of 40 employees are expected to be laid off in two phases. However, Kerber said the fixed-schedule employees, who have more seniority, have the right to bump the flexible-schedule employees.

*** Workforce reductions Recent and pending layoffs in Bergen County Affinity Direct LLC Englewood Cliffs Student loan provider 32 employees H&M Hennes & Mauritz L.P. North Arlington Clothing retailer 80 employees JPMorgan Chase Woodcliff Lake Subprime mortgage lending operation 70 employees Teva Pharmaceuticals USA Northvale Generic drug maker 155 employees ***

CAROL FLETCHER, STAFF WRITER