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JPMorgan is going to fire about 400 employees

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JPMorgan is going to fire about 400 employees
October 10
09:00 2018

According to the authoritative publication Wall Street Journal, JP Morgan Bank intends to get rid of 400 employees involved in the mortgage division. Currently, this department employs more than 30 thousand people. The staff cut is associated with a fall of the mortgage market.

Earlier, the representatives of another large bank – Wells Fargo – stated that the management was planning to fire more than 650 employees.

The number of transactions in the real estate market is decreasing due to the reduction of offers and an increase in mortgage rates. This became a natural consequence of the Fed’s increase in the key rate.

Against the background of such news, papers of JP Morgan are unsurprisingly falling. On Friday, they slipped by half a percent. Since the beginning of this year, the company’s capitalization has increased by more than 7% to the mark of 387 billion US dollars.

 

The material was prepared with the participation of Katya Gordon,
a leading analyst of the brokerage company CT Trade

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