Wells Fargo & Co. is cutting 1,900 mortgage jobs as home lending and refinancing slows, according to media reports.
The cutbacks, which were announced to employees March 23, represent 1 percent of Wells Fargo’s entire workforce and 3 percent of its mortgage staff.
The layoffs are occurring across the nation, but there was no word about how many, if any, jobs are affected in Minnesota, which has a large regional operations for the San Francisco-based bank.
A majority of the jobs were temporary ones created last year when refinancing surged because of low interest rates, according to both Bloomberg and Reuters.
Wells Fargo (NYSE: WFC) is the nation’s largest home lender. Its mortgage originations fell to $386 billion last year, from $420 billion in 2009, according to Bloomberg.
From: Biz Journals