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The country’s largest bank JPMorgan Chase on Wednesday fired hundreds of home loan employees. bloomberg Reportedly, rising mortgage rates and increased inflation continue to cool the once hot housing market.

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A JPMorgan spokesperson confirmed the layoffs in a statement. ForbesStating that “the employees’ decision this week was the result of cyclical changes in the mortgage market.”

Bloomberg, citing unnamed sources, said the company would lay off hundreds of people and redeploy hundreds of others, affecting more than 1,000 of its 274,948 employees worldwide.

a spokesperson told Forbes The company was able to “proactively move many affected employees to new roles within the firm” and is “working to help the remaining affected employees find new employment both outside and outside the firm.”

Layoff comes after two months Wells Fargo After reportedly announcing that it would lay off home mortgage employees, real estate brokerage Compass said it would lay off 10% of its employees (450 employees) and Redfin announced layoffs to 6% of its workforce (470 employees).