JPMorgan Shifts Scores of Workers to Mortgages to Handle Boom
- Bank told workers Thursday that half of Heloc team to be moved
- Company to pause marketing for home-equity lines of credit
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JPMorgan Chase & Co. is shifting workers to handle an expected surge in demand for home loans as the American housing market looks forward to its strongest spring in at least a decade and the coronavirus sends mortgage rates lower.
The bank told home-equity staff on Thursday that half of the team would be transferred to mortgages to keep up with demand, according to an internal memo seen by Bloomberg. Dozens of workers will be transferred, a person familiar with the matter said.