Saturday, July 5, 2025

Latest

JP Morgan To Slash, Reassign 1,000 Jobs From Mortgage Business Unit As Housing Market Cools Down

The latest windfall of housing market cooling off: JP Morgan Chase (NYSE: JPM) employees. The investment bank is reportedly laying off or reassigning around 1,000 positions in its mortgage unit.

Around half would be redeployed to different business divisions while the rest are expected to be laid off, according to Bloomberg sources familiar with the matter.

In response, a company spokesperson said that staffing decisions “was a result of cyclical changes in the mortgage market.”

“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,” said Ashlei Bobo, a spokeswoman for Chase Home Lending.

Based on its latest SEC filing, the company has 273,948 employees as of January 2022.

Borrowing rates have been at record highs in recent months. The US Federal Reserve recently increased interest rates by 75 basis points to address the soaring inflation, the biggest hike in almost 30 years.

Borrowing costs climbed in the biggest one-week increase since 1987

Home sales in the US fell for the fourth consecutive month in May, shrinking by 3.4% month-on-month and 8.6% from the same period last year. The median home price point has also breached the US$400,000-mark for the first time in May–retailing at US$407,600, up 14.8% from last year.

JP Morgan last traded at US$115.18 on the NYSE


Information for this briefing was found via Bloomberg and National Association of Realtors. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Dundee Acquires Adriatic Metals: The Balkan Growth Strategy

Gold Drilling Scaled to 60,000 Meters: How Big Can This Get? | Roger Rosmus – Goliath Resources

Baselode Energy To Acquire Forum Energy: The Merger Of Equals Deal

Recommended

Antimony Resources Drills 4.17% Antimony Over 7.4 Metres At Bald Hill

ESGold To Expand Mine Building At Montauban In Advance Of Gold & Silver Production

Related News

JPMorgan Prepares to Launch Bitcoin Fund for Wealthy Clients

JPMorgan, which up until recently has distanced itself from cryptocurrencies, has suddenly decided to reverse...

Monday, April 26, 2021, 05:39:46 PM

Pending US Housing Crash? JPMorgan Chase To Require 20% Down Payment On New Home Sales

By all accounts, it appears that another real estate crash across the United States is...

Sunday, April 12, 2020, 11:47:00 AM

JPMorgan and World Bank Make Grim Economic Predictions Amid Coronavirus Pandemic

Several economic reports from both JPMorgan and the World Bank have recently been released, providing...

Tuesday, April 14, 2020, 11:12:54 AM

JP Morgan To Acquire First Republic Following Government Seizure And Failed Auction

JPMorgan Chase & Co (NYSE: JPM) won the bidding war to acquire First Republic Bank...

Monday, May 1, 2023, 10:42:41 AM

JPMorgan Chase Pays $250 Million Fine Over Alleged Misconduct in its Wealth Management Division

JPMorgan Chase is in hot water once again, this time being accused of deficient risk...

Wednesday, November 25, 2020, 01:49:00 PM