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Business

>> CALIFORNIA Latest News

FEB 24, 2014 - Zero Hedge

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JPMorgan To Fire Thousands

Following last year's realization that mortgage origination as a product line is effectively dead (which has forced such origination dependent banks as Wells Fargo to return to subprime lending in hopes of keeping the revenue stream alive, knowing full well how it all ends), and that only investors and "all cash" buyers are keeping the myth of the housing recovery alive on their shoulders, banks fired tens of thousands of workers in the mortgage business hoping to stem the bottom line bleeding from the collapse in revenues. It turns out that they didn't fire enough and/or that the housing ... Read More

Tags: JPMorgan To Fire Thousands,  California Latest News