The bank didn’t disclose which specific employees, or how many, were impacted by the announcement.

Servicing gains failed to offset steep origination declines at the bank, which continues to battle allegations of racial discrimination.

CEO Jamie Dimon cited elevated risks related to inflation and the war in Ukraine as the nation’s largest bank added $902 million in loan-loss reserves. “Does this represent conservatism in an uncertain macro environment or something more onerous?” one analyst asked.

The municipality and the bank have been at odds over similar issues in the past, and no agency currently has deposit accounts with the lender.

The Consumer Financial Protection Bureau argues borrowers in the case had a right to answers even if the inquiries were origination related and foreclosure litigation was pending.

The core function of the Federal Home Loan Bank System — advances to member institutions — plummeted 20% last year to $350 billion, its lowest level in 15 years. That erosion of purpose is emboldening critics, who say the Home Loan banks need to change or face irrelevance.

The Federal Reserve's unanimous approval is a win for the Rhode Island company, though it will have have to take part in an additional round of stress tests in 2023.

The City Council recently voted 15-1 to establish a financial authority that would provide credit enhancements on loans to underserved borrowers. Public banking advocates say the effort is both an interim step for Philadelphia and a test case for other cities.

During his March Federal Open Market Committee meeting press conference, acting Federal Reserve Chair Jerome Powell said the Fed's supervision and regulatory panel was no longer active and key decisions about stress tests and bank mergers were being handled by the full board.

The complaint seeks unspecified damages over the bank’s mortgage origination and underwriting practices, alleging minority homebuyers were excluded from affordable, low-risk loans.