JPMorgan Chase (JPM) said it will lay off more than 150 employees in its Garden City, N.Y., mortgage division, as part of a previously announced broader downsizing.

The bank cited continuous declines in mortgage loan refinancing and new home purchases due to higher interest rates and an overall weak mortgage market as the main reasons behind its decision to reduce staff. Similar measures have been taken recently by other banks including Wells Fargo and Flagstar.

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