JPMorgan Lays Off Hundreds , of Mortgage Division Employees , As Rates Continue To Rise.
CNN reports that spiking mortgage rates have prompted the investment banking company to lay off hundreds of employees this week.
Hundreds of other employees
will reportedly be reassigned.
Our staffing decision this week was a result of cyclical changes in the mortgage market, JPMorgan, via statement.
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, JPMorgan, via statement.
CNN reports that as the Federal Reserve attempts to fight inflation.
mortgage rates are increasing at
the fastest rate since 1987.
The demand for new mortgages and refinancing has taken a hit.
Refinance is dramatically decreasing. There is not the capacity to support the staffing model, unfortunately, Person familiar with the situation, via CNN.
Refinance is dramatically decreasing. There is not the capacity to support the staffing model, unfortunately, Person familiar with the situation, via CNN