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PHOENIX -- JP Morgan Chase, which has been the subject of various federal inquiries, has laid off nearly 500 employees in Phoenix.

Most of the jobs are tied to its mortgage business, according to a local news report.

The company recently forked over about $1 billion in fines related to a 2012 trading-loss scandal.

The Valley is not alone as a target. Chase announced hundreds of layoffs were forthcoming in Ohio and at least 700 jobs were eliminated in San Diego last month.

The bank announced in February that it was terminating 17,000 jobs by next year.,

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