JPMorgan – To cuts 8,000 more mortgage and card jobs

JPMorgan Chase & Co. expects to eliminate 8,000 more jobs this year in mortgage and community banking than it forecast 20 months ago as profit and revenue from the businesses drop.

What’s happened is that refinancing activity has fallen way off as super-low interest rates pulled forward refi demand, and depleted normal rates to come. Meanwhile, demand for home purchase loans has not kicked in at normal levels, as slow-to-no wage growth has stunted the expansion of the pool of people who’d qualify for a purchase loan.

Chosen excerpts by Job Market Monitor. Read the whole story at  JPMorgan Cuts More Mortgage, Card Jobs as Revenue Drops | Builder Magazine.