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JPMorgan Chase & Co. is laying off hundreds of home-lending employees and reassigning hundreds more this week as rapidly rising mortgage rates drive down demand in what had been a red-hot housing market.
The total affected will be more than 1,000 workers, with about half moved to different divisions within the biggest US bank, according to people familiar with the matter who asked not to be identified discussing personnel matters.
“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
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