JPMorgan Chase & Co. is laying off “hundreds of home-lending employees” and reassigning hundreds more, Bloomberg reported, with a total of more than 1,000 U.S. workers impacted. Half of those will be moved to different divisions, according to the article.

A JPMorgan spokesperson said in a statement that the staffing decisions were the result of cyclical changes in the mortgage market. “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,” the spokesperson said in the statement. 

The article also reported that Wells Fargo & Co. has also been laying off and reassigning home-lending employees, citing people familiar with the firm who asked not to be identified. 

Redfin and Compass, Inc. announced layoffs earlier in the month as well, with Compass cutting about 10% of employees and Redfin about 6%.

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