JPMorgan Chase Cuts Thousands of Positions in Mortgage Lending Sector


Posted originally on the conservative tree house on June 22, 2022 | Sundance

There are going to be multiple negative economic indicators surfacing in the next 60 days as the first wave signals of a deep and prolonged recession begin to reach shore.  Think of it like an economic meteor that hit the mid-Atlantic while only a few people were tracking its inbound trajectory and prepared for what was likely.

We are not likely to see much good economic news, but on the positive side, most readers are prepared.   Again, I will repeat… If you did not purchase a home this year, you are already ahead financially.

Housing sales are dropping fast, but housing values are, on a regional basis, holding steady – for now.  However, the banks and lending institutions are preparing for those values, and the contained equity, to drop and disappear precipitously.

Today Bloomberg is reporting that JPMorgan Chase is shifting around 1,000 employees in the mortgage side of finance with some being laid-off and others being reassigned to different parts of the bank and financial services.   This should not come as a surprise, but it does align with other less noticeable moves in the banking and home loan sector.

(Reuters) – PMorgan 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. “Our staffing decision this week was a result of cyclical changes in the mortgage market,” a spokesperson for the bank said.

[…] “We were able to proactively move many impacted employees to new roles within the firm and are working to help the remaining affected employees find new employment within Chase and externally,” the spokesperson added. (read more)

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