JPMorgan Cuts Hundreds More Mortgage Workers Amid Housing Woes
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JPMorgan Chase & Co. cut hundreds of mortgage employees this week, adding to job losses across the industry as home-lending businesses continue to be hurt by elevated interest rates.
The reductions are tied to lower industry volumes and included some managers, according to people familiar with the matter who asked not to be identified discussing personnel decisions. JPMorgan’s mortgage-origination volume slumped 60% last year as Federal Reserve rate hikes cooled a pandemic-era boom.