JPMorgan Chase & Co is laying off hundreds of employees in its home-lending business and reassigning hundreds more this week, Bloomberg News reported on Wednesday, citing people familiar with the matter.
“Our staffing decision this week was a result of cyclical changes in the mortgage market,” a spokesperson for the bank said. “We were able to proactively move many impacted employees to new roles within the firm and are working to help the remaining affected employees find new employment within Chase and externally,” the spokesperson added.
Real estate brokers Compass Inc and Redfin Corp also said last week they would cut jobs as homebuying demand was slowing due to rising mortgage rates and surging inflation.
End centralized control of the $ supply. EndTheFed
recession on its way
Canada is a literal house of cards.
Wow...they're just not any good at the mortgage debt business.
It's coming.... 🤣🤣
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