(BUSINESS INSIDER) – JPMorgan is reducing the size of its home-lending department in response to slowing demand for mortgages and refinances, the company confirmed Wednesday.
The decision will affect more than 1,000 workers, Bloomberg reported, citing multiple people familiar with the matter. About half will be reassigned, and half will leave the company, according to the news outlet.
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"Our staffing decision this week was a result of cyclical changes in the mortgage market," a JPMorgan spokesperson said in a statement to Insider. "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."