JPMorgan Chase & Co. is cutting 245 jobs from its mortgage business unit in Irvine.
The New York-based banking firm operates its mortgage lending and private banking divisions at Alton Corporate Plaza in the Irvine Business Complex.
The bank said "several hundred" employees will remain in the Irvine location after the cuts.
The downsizing is part of JPMorgan’s two-year plan to trim about 15,000 mortgage jobs nationwide, a plan that was announced in February.
“We had beefed up staffing during the housing crisis, and now that foreclosures are down and the market seems to be stabilizing, we're readjusting our numbers,” said Suzanne Ryan, a JPMorgan spokesperson.
Ryan added the company has 700 job openings in California and that it will "work with affected employees to find openings at Chase or other local companies."