JPMorgan Lays Off Hundreds , of Mortgage Division Employees , As Rates Continue To Rise.<br />CNN reports that spiking mortgage rates have prompted the investment banking company to lay off hundreds of employees this week.<br />Hundreds of other employees <br />will reportedly be reassigned.<br />Our staffing decision this week was a result of cyclical changes in the mortgage market, JPMorgan, via statement.<br />We were able to proactively move <br />many impacted employees to new roles <br />within the firm and are working to <br />help the remaining affected employees find new employment within <br />Chase and externally, JPMorgan, via statement.<br />CNN reports that as the Federal Reserve attempts to fight inflation.<br />mortgage rates are increasing at <br />the fastest rate since 1987.<br />The demand for new mortgages and refinancing has taken a hit.<br />Refinance is dramatically decreasing. There is not the capacity to support the staffing model, unfortunately, Person familiar with the situation, via CNN.<br />Refinance is dramatically decreasing. There is not the capacity to support the staffing model, unfortunately, Person familiar with the situation, via CNN
