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JP Morgan laying off or reassigning more than 1,000 in their mortgage business
Posted on 6/23/22 at 12:28 pm
Posted on 6/23/22 at 12:28 pm
quote:
JP Morgan Chase is laying off hundreds of employees in its home-lending business and reassigning hundreds more this week, Bloomberg News reported Wednesday, 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.
“Our staffing decision this week was a result of cyclical changes in the mortgage market,” a spokesperson for the bank said.
JP Morgan has 273,948 employees worldwide, according to its latest quarterly filing with the Securities and Exchange Commission.
LINK
This post was edited on 6/23/22 at 12:34 pm
15
Posted on 6/23/22 at 12:30 pm to member12
Can we ban people who include "Breaking" in their title if the news was reported more than 24 hours ago on this site?
Posted on 6/23/22 at 12:31 pm to member12
Looking rough out there. Didn't think mortgage apps would pull back so hard. I knew it was coming, but this was a quick turn.
Posted on 6/23/22 at 12:32 pm to member12
Feeling like 2008/2009 again.
Posted on 6/23/22 at 12:34 pm to CatholicLSUDude
quote:
Can we ban people who include "Breaking" in their title if the news was reported more than 24 hours ago on this site?
I removed the "Breaking" tag since you are so sensitive. Enjoy the soccer board.
Posted on 6/23/22 at 12:36 pm to dewster
quote:
Looking rough out there. Didn't think mortgage apps would pull back so hard. I knew it was coming, but this was a quick turn.
Housing will be in the tank by years end.
Posted on 6/23/22 at 12:43 pm to member12
Didn't think this kind of "correction" would happen until October or November.
Posted on 6/23/22 at 12:49 pm to member12
1000 employees out of 273,948 isn't much
Posted on 6/23/22 at 1:03 pm to member12
BREAKING NEWS!
JP Morgan is giving 0.350 of their workforce new tasks but some of them suck so we fire them
BREAKING NEWS!
JP Morgan is giving 0.350 of their workforce new tasks but some of them suck so we fire them
BREAKING NEWS!
Posted on 6/23/22 at 1:29 pm to dewster
quote:
Looking rough out there. Didn't think mortgage apps would pull back so hard. I knew it was coming, but this was a quick turn.
Because a lot of people here are delusional.
Months ago we said home prices were going to start to crater. And people here actually said they thought they would keep going up?
How? We have record inflation and are entering a recession. What makes you think people are going to continue to drive prices upwards. It’s pretty basic math. Some people are just in denial
Posted on 6/23/22 at 1:55 pm to WaWaWeeWa
quote:
How? We have record inflation and are entering a recession. What makes you think people are going to continue to drive prices upwards. It’s pretty basic math. Some people are just in denial
With record inflation, asset prices can continue to rise, much to the chagrin of everyone.
Posted on 6/23/22 at 2:07 pm to member12
Probably mentions it in the article, but the biggest drop is refinancing. With rates going up no reason to plus most folks who can do it probably already have.
Posted on 6/23/22 at 2:09 pm to frequent flyer
quote:
Feeling like 2008/2009 again.
I WISH this was only going to be like 2008.
This post was edited on 6/23/22 at 2:10 pm
Posted on 6/23/22 at 2:10 pm to lsu13lsu
quote:
With record inflation, asset prices can continue to rise, much to the chagrin of everyone.
You are just repeating something you heard once.
Yes inflation can lead to the increase in asset prices but it’s not a rule that it must.
In order for that to happen wages would need to rise at the same or greater rate than inflation. Is that happening? The answer is obviously no.
We haven’t even gotten into what rising interest rates will do to home prices.
Anyone telling you that home prices are going to keep going up is a realtor or married to a realtor and fricking delusional
This post was edited on 6/23/22 at 2:12 pm
Posted on 6/23/22 at 2:11 pm to Loup
JP Morgan employs over a quarter of a million people?
Posted on 6/23/22 at 2:11 pm to member12
Oh, so you mean the massive spike in housing costs was a bad thing for mortgages?
Frick all the realtors that keep saying the following. “It’s just market right now” and then convincing buyers to spend 10k plus OVER appraisal value and driving starter houses into unobtainable costs for first time buyers
Frick all the realtors that keep saying the following. “It’s just market right now” and then convincing buyers to spend 10k plus OVER appraisal value and driving starter houses into unobtainable costs for first time buyers
This post was edited on 6/23/22 at 2:33 pm
Posted on 6/23/22 at 2:22 pm to member12
Been expecting this to a point. I've watched upstart Sofi tank roughly 75% since the Super Bowl. Financial stonks are in a spin cycle.
Posted on 6/23/22 at 2:24 pm to WaWaWeeWa
quote:
Anyone telling you that home prices are going to keep going up is a realtor or married to a realtor and fricking delusional
This
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