Rochester's largest financial employer plans to add hundreds of new employees.

JPMorgan Chase says it plans to hire 250 people as loan specialists, underwriters and processors to help customers through the mortgage crisis.

The employees will be working out of Chase Tower downtown. It is looking for people with experience in mortgages, home lending and financial services. JPMorgan Chase laid off 300 employees last year who were working in its home equity department. That market slowed as the foreclosure rate increased.

The bank's upstate president, E. Malcolm (Sandy) Wolcott, says the need for new hires was a company initiative, not influenced by a bailout or stimulus package.

Wolcott says, “The added staffing is about keeping people in their homes. Rochester was one of four cities chosen for the additional 250 jobs because of Upstate's strong work ethic and the highly educated and trained workforce.”

The new jobs are a welcome addition to the Rochester area, which has had more than its share of layoffs in this economy.

Tammy Marino is a labor market analyst for the New York State Labor Department. She says, “When you have more people employed in the area, these are people that are going to spend their wages and then we get a multiplier effect and that money is spent many times over in the community."

JPMorgan Chase is hiring now. It says the new jobs offer a competitive salary. It hopes to have the 250 new employees in place by the end of summer.

Rochester Mayor Bob Duffy is excited about the new jobs coming to Chase's downtown offices.

In a statement the mayor said:

"This announcement speaks directly to our trained workforce in the Rochester area, which no doubt was a leading factor in chase's decision to expand here. Rochester is blessed with some of the most highly skilled, hardest working employees in the world, and it is extremely gratifying when a major company recognizes that."

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