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Monday Express: JPMorgan to fire 400 in mortgage biz; Citi to set up UK bank


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Monday Express: JPMorgan to fire 400 in mortgage biz; Citi to set up UK bank

* While higher rates boost banks' profits by allowing them to charge more on loans, banks' mortgage businesses could also take a hit as consumers hesitate to buy a home or refinance due to higher interest payments, The Wall Street Journal reports.

* JPMorgan Chase required all 300 new analysts at its asset management division, as well as about one-third of its analysts and associates at the corporate and investment bank to take coding lessons, the Financial Times reports.

* JPMorgan Chase will lay off about 400 workers in its consumer mortgage business, sources told The Wall Street Journal.

* Citigroup will set up a new banking entity in London that will house its U.K. consumer business after Brexit, Reuters reports, citing a note Citi gave to customers.

* Goldman Sachs Group' Petershill Fund is close to signing a deal to acquire an undisclosed stake in venture capital firm General Catalyst Partners, sources told Bloomberg News.

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