JPMorgan Chase has sued its former investment banking chief Jes Staley over his relationship with disgraced ex-financier Jeffrey Epstein, alleging Staley would have no legal consequences from the two lawsuits against the bank.
The layoffs were announced on Tuesday and have affected some of the top manufacturers, including several bankers who took out loans that exceeded $100 million last year and attended an insider sales meeting for recent successful people, according to sources familiar with the situation.
The change in tone this week came as a steady flow of data has shown the economy continued to run hot in January. Despite high-profile layoffs at big technology firms like Meta and Microsoft, employers in the United States continued to hire at a rapid clip, consumers kept spending and prices continued to rise briskly at the start of the year across an array of goods and services.
According to its fourth-quarter earnings report, JPMorgan pulled out of home loans after reporting a 46% year-over-year decline in mortgage income. According to Bloomberg, the bank saw its mortgage lending drop by 60% in 2022 as a series of rate hikes drained consumer demand for home loans.
