JPMorgan Initiates Mass Layoffs and Reorganizing, 1,000 Employees Possibly AffectedThe financial institution is the latest company affected by the housing crisis.

Widespread layoffs have hit themortgage industryhard, and big banks and major corporations are not immune.

JPMorganannounced onThursday that it was laying off hundreds of employees due to rising mortgage rates amid a troubling housing market plagued by inflation.

Though it was not disclosed how many employees will be let go,Bloombergrevealedthat approximately 1,000 total employees will be impacted, with almost half being moved into other divisions within the company.

"Our staffing decision this week was a result of cyclical changes in the mortgage market," a JPMorgan Chase spokespersontoldReuters. "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."

By the end of 2021, the bank wasestimated toemploy around 271,025 total employees.

JPMorgan Chase joins the ranks of real estate companies Redfin and Compass, both of whichannounced masslayoffs earlier this month as the housing market slows down.

Each of those companies trimmed staff by 10% and 8%, respectively.

"I'll spend the rest of my life wondering how I could've avoided these layoffs. What's most important now is treating the people leaving with humanity and respect," Redfin CEO Glenn Kelmansaid at the time.

JPMorgan Chase & Cowas downjust over 25% at market close on Thursday.