Chase Bank is closing a student loan division in Indianapolis, resulting in 73 layoffs in the coming months.
According to notice filed April 1 with the Indiana Department of Workforce Development, the bank is closing its local Chase Student Lending office, which is based at 1 E. Ohio St.
The layoffs are expected to start May 25. “The terminations will be permanent as the business will be closed,” the bank said in the filing.
Chase Indiana spokeswoman Christine Holevas said the closing was part of a larger strategy of winding down student loan services that included closing similar offices across the country.
“We have gotten out of the student loan business; that was announced years ago,” Holevas said. “So this is the trailing end of the servicing of the loans that were still on the books.”
Chase is the largest bank in Indiana by deposits, with more than 14 percent of the market share. The bank said in mid-March that it had about 2,022 full-time equivalent employees at about 90 Indianapolis-area locations.
Termination notices were given to employees starting March 26, according to the filing. It also said Chase would help affected employees find other available jobs they might qualify for at the bank.