The mortgage industry continues to constrict with the changing market—and this time it’s JP Morgan Chase & Co. making the dreaded layoff headlines.
According to Bloomberg, the financial institution laid off hundreds of mortgage employees last week, tied to lower industry volumes. The company’s mortgage-origination volume fell some 60 percent in 2022.
“As we’ve said in the past, we regularly review our business and customer needs and adjust our staffing accordingly—creating new roles where we see the need or reducing positions when appropriate,” a spokesperson for New York-based JPMorgan said in a e-mailed statement to Bloomberg.
The latest move follows a round of layoffs last Summer. Final numbers of how many positions were eliminated were not provided by the bank.