Union goes the distance to stop layoffs at JP Morgan Chase

"This is what is wrong with our economy: When a company thinks nothing of eliminating jobs to save pennies while doling out $9 billion in bonuses," said David Huerta, vice president of SEIU United Service Workers West, in prepared remarks. 

JP Morgan Chase is one of the largest banking and investment companies in the nation and the largest mortgage lender and holder of foreclosed properties in Los Angeles county, owning more than 85,000 foreclosed homes in the area, according to SEIU.

The demonstration will begin today with a "tent city" being constructed in front of Century Plaza. Participants will also "fast for justice." 

On Wednesday, the fasters will join others in a candlelight vigil for the 16 janitors who have already been laid off two week ago. The layoff prompted 57 co-workers to walk off the job in protest. 

On Thursday, a rally will be held to stop the layoffs, and the fasting will come to an end Friday.

SEIU represents more than 40,000 janitors, security officers, airport service workers and other property service workers in California. It boasts of having more than 2 million members nationwide.