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JPMorgan Chase & Co. is reducing its home lending work force as higher interest rates dampen the mortgage business, Bloomberg reported. The bank is letting hundreds of mortgage employees go and reassigning hundreds more. The moves will affect a total of 1,000 workers, half of which will be reassigned, according to the Wednesday report. JPMorgan Chase marks one fresh example of layoffs nibbling at the mortgage industry, including non-bank lenders. Shares of JPMorgan Chase are down 27.3% so far in 2022, compared to a loss of 21.1% by the S&P 500.
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