Wells Fargo lays off more than 600 mortgage workers
Wells Fargo & Co
The fourth-largest U.S. bank has given 60 days notice to 638 mortgage employees across the country, Wells Fargo spokesman Tom Goyda said in an emailed statement, with cuts concentrated in Orlando, Florida; Ranch Cordova, California; Colorado Springs, Colorado, and Charlotte, North Carolina.
"After carefully evaluating market conditions and consumer needs, we are reducing to better align with current volumes," Goyda said.
GST collection rises to Rs 1.67,929 lakh crore in November, records highest growth rate of 15% Y-o-Y
Brand Retention | 82% of existing Lava users likely to purchase next smartphone from same brand: Report
D-Street Newsmakers: Flair Writing, New India Assurance, Ashok Leyland among 10 stocks that hogged limelight today
Assembly Poll Results 2023: How to check election result on mobile using Voter Helpline app | Step-by-Step Guide
Wells Fargo has been making sporadic cuts to its mortgage workforce as part of a bid to rein in costs. These layoffs are the largest so far this year.
The home lending business has struggled as rising interest rates hurt refinancing demand. Wells Fargo`s mortgage banking income fell 33 percent in the second quarter from a year earlier.
The latest cuts were mainly to retail fulfilment and servicing jobs, Goyda said, reflecting a continued slump in application volumes.
Analysts have said such moves address overcapacity and will improve the bank`s efficiency.
Wells Fargo has vowed to cut $4 billion in costs by 2020 in order to grow profits as it operates under a punitive asset cap levied by the Federal Reserve.
The Orlando Sentinel reported the layoffs on Thursday.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)