Top Hedge Fund News, Member Posts, Hedge Fund Daily Indices and more!

1yr ago Hedge Fund dealbreaker Views: 145

If you can do something other than mortgages, great. If not…

Jamie Dimon’s pretty pessimistic these days. He sees a hurricane over the horizon that his underlings just haven’t made out yet, with the U.S. economy about to swamped like so many Florida beach houses by the cyclone.

Oh, and speaking of those maybe-soon-to-be-uninsured Florida homes: People aren’t buying as many of them—or any others—as they were thanks to the chill winds of inflation and soaring rates ahead of those ominous spinning clouds. And so the hurricane has already come for JPMorgan’s mortgage business.

The total affected will be more than 1,000 US workers, with about half moved to different divisions within the bank…. “Our staffing decision this week was a result of cyclical changes in the mortgage market,” a JPMorgan spokesperson said in a statement Wednesday. “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.”

Meanwhile, Wells Fargo’s mortgage business was already not allowed to get bigger, on account of the bank’s singular inability to fix, well, anything, but specifically said much-maligned and much-fined home lending operation. But it can get smaller.

Wells Fargo & Co., the biggest mortgage lender among US banks, has also been laying off and reassigning employees in its home-lending division….

Well, at least unlike their peers they didn’t get canned on a mass Zoom call and then slagged off by their former boss online, or learn via premature severance check. Then again, we are talking about Wells Fargo’s human resources department, so who knows?

JPMorgan Lays Off Hundreds in Home Lending After Rate Surge [Bloomberg]
JPMorgan lays off hundreds of employees in mortgage division as rates spike [CNN]


Today's Hedge Fund Headlines:

Log In for More
Access Over 250K+ Industry Headlines, Posts and Updates
Not a member yet?

Join AlphaMaven

The Premier Alternative Investment
Research and Due Diligence Platform for Investors

Free Membership for Qualified Investors and Industry Participants
  • Easily Customize Content to Match Your Investment Preferences
  • Breaking News 24/7/365
  • Daily Newsletter & Indices
  • Alternative Investment Listings & LeaderBoards
  • Industry Research, Due Diligence, Videos, Webinars, Events, Press Releases, Market Commentary, Newsletters, Fact Sheets, Presentations, Investment Mandates, Video PitchBooks & More!
  • Company Directory
  • Contact Directory
  • Member Posts & Publications
  • Alpha University Video Series to Expand Investor Knowledge
  • AUM Accelerator Program (designed for investment managers)
  • Over 450K+ Industry Headlines, Posts and Updates
ALL ALPHAMAVEN CONTENT IS FOR INFORMATIONAL PURPOSES ONLY. CONTENT POSTED BY MEMBERS DOES NOT NECESSARILY REFLECT THE OPINION OR BELIEFS OF ALPHAMAVEN AND HAS NOT ALWAYS BEEN INDEPENDENTLY VERIFIED BY ALPHAMAVEN. PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. THIS IS NOT A SOLICITATION FOR INVESTMENT. THE MATERIAL PROVIDED HEREIN IS FOR INFORMATIONAL PURPOSES ONLY. IT DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY ANY INTERESTS OF ANY FUND OR ANY OTHER SECURITIES. ANY SUCH OFFERINGS CAN BE MADE ONLY IN ACCORDANCE WITH THE TERMS AND CONDITIONS SET FORTH IN THE INVESTMENT'S PRIVATE PLACEMENT MEMORANDUM. PRIOR TO INVESTING, INVESTORS ARE STRONGLY URGED TO REVIEW CAREFULLY THE PRIVATE PLACEMENT MEMORANDUM (INCLUDING THE RISK FACTORS DESCRIBED THEREIN), THE LIMITED PARTNERSHIP AGREEMENT AND THE SUBSCRIPTION DOCUMENTS, TO ASK SUCH QUESTIONS OF THE INVESTMENT MANAGER AS THEY DEEM APPROPRIATE, AND TO DISCUSS ANY PROSPECTIVE INVESTMENT IN THE FUND WITH THEIR LEGAL AND TAX ADVISERS IN ORDER TO MAKE AN INDEPENDENT DETERMINATION OF THE SUITABILITY AND CONSEQUENCES OF AN INVESTMENT.