JPMorgan Initiates Mass Layoffs and Reorganizing, 1,000 Employees Possibly Affected

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Widespread layoffs have hit the mortgage industry hard, and big banks and major corporations are not immune.

Bloomberg | Getty Images

JPMorgan announced on Thursday that it was laying off hundreds of employees due to rising mortgage rates amid a troubling housing market plagued by inflation.

Though it was not disclosed how many employees will be let go, Bloomberg revealed that approximately 1,000 total employees will be impacted, with almost half being moved into other divisions within the company.

“Our staffing decision this week was a result of cyclical changes in the mortgage market,”

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