JPMorgan Lays Off Hundreds in Home Lending After Rate Surge
- Hundreds more to be reassigned as demand for home loans cools
- Biggest US bank cites ‘cyclical changes’ in mortgage market
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JPMorgan Chase & Co. is laying off hundreds of home-lending employees and reassigning hundreds more this week as rapidly rising mortgage rates drive down demand in what had been a red-hot housing market.
The total affected will be more than 1,000 US workers, with about half moved to different divisions within the bank, according to people familiar with the matter who asked not to be identified discussing personnel matters.