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1w ago Hedge Fund dealbreaker Views: 46

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]


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