dashboard



JPMorgan lays off hundreds of employees in mortgage division as rates spike

JPMorgan lays off hundreds of employees in mortgage division as rates spike



Mortgage rates are soaring. Here's what that means for home buyersReplayMore Videos ... (16 Videos)Mortgage rates are soaring. Here's what that means for home buyersBeyoncé's single dubbed anthem for 'Great Resignation'Gary Cohn: Fed was late on interest rate hikesHow raising rates could threaten demand and productionExecutives torn on recession risk as fears grow for global economyThe Fed anticipates more rate increases after announcing biggest hike in 28 yearsWhat the interest rate hike means for youRealtor.com chief economist shares her advice for homebuyers and sellersHe predicted US inflation would rise. Hear what he thinks about a recessionHere's what the US economy can expect if a recession hits Former labor secretary on how Biden administration can combat inflationHow this mom is using coupons to combat inflation Wyndham Hotels CEO: Demand is outpacing inflation in hotel industry 'Tough number to swallow': Romans breaks down inflation dataRetirees becoming homeless at higher rate than other age groups amidst inflationOECD secretary-general explains global cost of the Russian oil embargoNew York (CNN Business)JPMorgan Chase is laying off employees this week in response to the spike in mortgage rates that has rocked the housing market.

"Our staffing decision this week was a result of cyclical changes in the mortgage market," JPMorgan said in a statement.Hundreds of JPMorgan (JPM) employees will be laid off, while hundreds of others will be reassigned, a person familiar with the matter told CNN Business.News of the layoffs was first reported by Bloomberg News."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 said in the statement. Read MoreThe layoffs underscore the wide-reaching impact of the Federal Reserve's shift to inflation-fighting mode. Mortgage rates are rising at the fastest pace since 1987 as the Fed moves aggressively to tame inflation.Not only is that hurting demand for new mortgages, but it's hitting the lucrative refinancing business, too."Refinance is dramatically decreasing. There is not the capacity to support the staffing model, unfortunately," the person familiar with the matter said.


Click Here To Get Funded!