JPMorgan is Laying Off Hundreds of Home-Lending Workers - Report

June 22, 2022 11:57 AM EDT

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In an article Wednesday, Bloomberg News said JPMorgan (NYSE: JPM) is laying off hundreds of home-lending staff this week with rising mortgage rates reducing demand in a previously surging housing market.

Citing people familiar with the matter, Bloomberg said JPMorgan will also be reassigning hundreds of other workers, with over 1,000 affected in total. Half are expected to be moved to different divisions within the US bank.

JPMorgan said in a statement that its "staffing decision this week was a result of cyclical changes in the mortgage market."

"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,” Bloomberg quoted a JPMorgan spokesperson as saying.

The move by JPMorgan follows recent news that real estate brokerage Redfin will be laying off workers as it doesn't have enough work for its agents and support staff.

Compass, another real estate brokerage, also recently announced a 10% reduction in its workforce.

By Sam Boughedda

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