Mr Cooper Group Inc (COOP)

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JP Morgan’s mortgage business is slashing workforce as housing market cools: Report
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JPMorgan Chase (JPM) is slashing jobs in its home-lending division as rising mortgage rates and inflation lead to a downturn in the housing market.

Bloomberg News first reported on Wednesday that the bank is expected to lay off or lay off more than 1,000 employees. A Bloomberg report indicates that “nearly half” of these affected employees will be transferred to different departments of the bank.

“Our staffing decision this week was the result of cyclical changes in the mortgage market,” a JPMorgan spokesperson told Yahoo Finance. “We were able to transfer many of the affected employees to new roles within the firm and are working to help the remaining affected employees find new employment both in the chase and externally.”
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