JPMorgan Chase & Co said on Wednesday it had started laying off employees in its mortgage business, as elevated inflation and rising mortgage rates slow the housing boom in the United States.
A view of the exterior of the JP Morgan Chase & Co. corporate headquarters in New York City May 20, 2015. REUTERS/Mike Segar/File Photosaid on Wednesday it had started laying off employees in its mortgage business, as elevated inflation and rising mortgage rates slow the housing boom in the United States.
More than 1,000 employees will be affected and about half of them will be moved to different divisions within the bank, according to Bloomberg News, which first"Our staffing decision this week was a result of cyclical changes in the mortgage market," a spokesperson for the biggest U.S. bank said.JPMorgan has 273,948 employees worldwide, according to its latest quarterly filing with the U.S. Securities and Exchange Commission.
"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. Last week, the Federal Reserve hiked interest rates by three-quarters of a percentage point, the largest increase since 1994, after official data just a few days earlier showed inflation rose despite expectations it had peaked.
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