Real estate-related layoffs are continuing, this time hitting the country’s largest bank.
According to Bloomberg, JPMorgan Chase & Co. is laying off hundreds of home-lending employees and reassigning hundreds more this week. With mortgage demand down amid rising prices, the bank’s spokesperson noted the layoffs are in response to “cyclical changes in the mortgage market.”
The total number of affected employees will be more than 1,000 workers, with about half moved to different divisions within the bank, according to Bloomberg.
Wells Fargo, the biggest mortgage lender among U.S. banks, has also been reportedly reassigning employees in its home-lending division, according to people familiar with that firm.