JPMorgan Cuts Hundreds More Mortgage Workers

The transcript discusses the natural reduction in capacity due to economic adjustments, particularly in the mortgage sector, influenced by higher interest rates. It highlights how banks, including JP Morgan, are adapting to these changes by adjusting their strategies and hiring new small business bankers. Despite cyclical pressures, banks are focusing on long-term growth and development.

What is the outlook for the mortgage market in 2023 according to the text?

In what ways is the bank looking to build for the long term despite cyclical pressures?