Big banks' Q2 earnings to shed light on gloomy U.S. mortgage outlook

have started cutting staff, with more industry layoffs expected in coming months, said analysts and economists.

Fannie Mae economists predict that total home sales will fall by 13.5% this year and that mortgage originations will decline by nearly 42% to $2.6 trillion. Wells Fargo, the biggest bank in the U.S. mortgage business, cut staff in April and June, said one person with knowledge of the matter. JPMorgan, among the 10 biggest U.S. bank mortgage lenders, also cut staff in June, said a different person with knowledge of its plans. The sources declined to provide figures.The mortgage business accounted for 6% and 2% of total revenue at Wells Fargo and JPMorgan, respectively, last year, according to data compiled by RBC's Cassidy.

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