More than 1,000 JP Morgan employees will be affected, with about half moved to different divisions within the company, Bloomberg reported.

“Our staffing decision this week was a result of cyclical changes in the mortgage market,” a JPMorgan spokesperson said in a statement on Wednesday. “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.”

According to anonymous employee reports on The Layoff, all JP Morgan sites are impacted nationwide. Impacted employees will receive 45 days plus any unused and vacation time on top of their severance, which is calculated based on how long the employee has been with the organization, less the 45 days they received as part of this round of layoffs.

Employees are being notified via phone calls, and then escorted out of their offices by Human Resources.

"I can't sleep because I can't stop worrying about what might come in the next few days. I think the fact that the job market is no longer as good as it was for employees is only making things worse for me. Is there any way to know if layoffs are done for now or if we'll be having more cuts in the coming days?", asked one anonymous ex-employee.

JPMorgan isn’t alone – Redfin Corp. and Compass Inc. have also been laying off workers as the housing market cools. In a regulatory filing last week, Compass said that it will trim about 10% of its workforce (about 450 employees). Meanwhile, Redfin plans to cut about 6% (about 470 workers).

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