Posted on 06/22/2022 3:28:44 PM PDT by dynachrome
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.
(Excerpt) Read more at nypost.com ...
I’ve been seeing a lot of this locally.
Is that in New York?😎
Great Reset
Place your wagers folks. What months will unemployment hit 10%? 15%? 20%?
Whatever it goes to, it will be "unexpected."
> Place your wagers folks. What months will unemployment hit 10%? 15%? 20%? <
A better question might be: How will the Biden administration tweak/fake the numbers to keep unemployment under 5%?
Normally that would be a tough task. But the media will run interference for Sleepy Joe. So it’s very doable.
And revised upwards the next month.
Recession is here.
I lost 14% and now my banker wants to be my pool cleaner.
Is that in New York?😎
Reading the article this seems like much ado ‘bout nothing.
My GF is a mortgage underwriter and told me the other day that applications are way down. She currently is working a pipeline of 1/3 her normal volume.
.
I'll wager on 15% unemployment on or before April Fools Day 2023.
A pretty conservative bet, I know.
But -
The last political bet I made was that Biden would resign,
be impeached, or be removed from office because of massive
vote fraud within one year of being sworn in.
I lost $20 bucks on that one (seriously). So I'm being cautious...
Maybe they can move them to the repo department when people stop paying for their $500,000 houses that would only sell for $300,000 when the market cools off.
The Refi business has ended with the interest rates approaching 6%. That was a large part of the picture that last few years.
“Place your wagers folks. What months will unemployment hit 10%? 15%? 20%?”
“Whatever it goes to, it will be “unexpected”
Yet Brain Dead Biden will say, like inflation, “it’s a good thing”
“stop paying for their $500,000 houses”
Boy, wouldn’t it be great to be able to find a home for $500,000? In this mud puddle of a city where I live you aren’t able to find newly built homes for anything less than $1,000,000. Builders won’t fool with anything less expensive.
$1.5 million, $1.8 million, $2 million. Even in suburbs that are not that fancy. Many of these homes have five acres of land.
It’s amazing they could sell those things in this sorry city. If I had that kind of money I would be out of this place in a heartbeat and living in a beach town in Florida.
Pop goes the housing bubble.
But the media will never admit it.
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