JPMorgan cuts hundreds of mortgage jobs after Fed rate hike

JPMorgan Chase & Co. is letting hundreds of employees go in its home lending division this week as surging inflation and mortgage rates slam the brakes on the red-hot housing market, according to a Bloomberg News report.

A JPMorgan spokesperson cited “cyclical changes in the mortgage market” as the reason behind the cuts. More than 1,000 US employees will be affected, with about half reassigned to different divisions within the bank.

“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 bank’s spokesperson said.