JPMorgan cutting workers as mortgage business slows down: report

JPMorgan Chase & Co. is reducing its home lending work force as higher interest rates dampen the mortgage business, Bloomberg reported. The bank is letting hundreds of mortgage employees go and reassigning hundreds more. The moves will affect a total of 1,000 workers, half of whom will be reassigned, according to the Wednesday report. JPMorgan Chase marks a fresh example of layoffs nibbling at the mortgage industry, including no-bank lenders. Shares of JPMorgan Chase are down 27.3% in 2022, compared with a loss of 21.1% by the benchmark S&P 500 .

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