JPMorgan lays off hundreds, citing ‘cyclical changes’ in housing mortgage market

Source: Deseret News — 

The biggest U.S. bank, JPMorgan Chase & Co., has started laying off employees as the U.S. housing market continues to cool amid rising mortgage rates.

The decision will impact more than 1,000 employees, about half of which will be moved to different divisions within the bank, according to people familiar with the matter who asked not to be identified discussing personnel matters, Bloomberg News reported.