Layoffs Piling Up in the Finance Sector

The video discusses the widespread job cuts in the finance sector, highlighting companies like JP Morgan and Alliance Bernstein. It explains the impact of economic factors such as inflation and interest rates on these decisions. The mortgage business, particularly at JP Morgan and Wells Fargo, is affected by the housing slump. The video also touches on fintech companies like Affirm, which are reducing their workforce due to economic uncertainty. The focus has shifted from growth to profitability.

What impact has the Fed's rate hikes had on mortgage businesses according to the text?

What shift in focus is mentioned regarding companies in the finance sector?