JP Morgan Chase is laying off hundreds of employees in its home-lending business and reassigning hundreds more this week, Bloomberg News reported 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.
JP Morgan has 273,948 employees worldwide, according to its latest quarterly filing with the Securities and Exchange Commission.
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