JPMorgan Chase & Co is laying off hundreds of employees in its home-lending business and reassigning hundreds more this week, Bloomberg News reported today, 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.
A spokesperson for the bank did not immediately respond to a Reuters request for comment.
Last week, real estate brokers Compass and Redfin also said they would cut jobs as homebuying demand moderates with rising mortgage rates and surging inflation.
US existing home sales tumbled to a two-year low in May as median house prices jumped to a record high - topping the $400,000 mark for the first time.
