JPMorgan laying off hundreds in mortgage business - Bloomberg News
June 22 (Reuters) - JPMorgan Chase & Co (JPM.N) is laying off hundreds of employees in its home-lending business and reassigning hundreds more this week, Bloomberg News reported on Wednesday, citing people familiar with the matter.
More than 1,000 employees will be affected, the report said, and about half of them will be moved to different divisions with the bank.
A spokesperson for the bank did not immediately respond to a Reuters request for comment.
Last week, real estate brokers Compass Inc (COMP.N) and Redfin Corp (RDFN.O) also said they would cut jobs as homebuying demand moderates with rising mortgage rates and surging inflation.
U.S. existing home sales tumbled to a two-year low in May as median house prices jumped to a record high - topping the $400,000 mark for the first time. read more
Reporting by Niket Nishant in Bengaluru; Editing by Shinjini Ganguli
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.