Wells Fargo Lays off Over 600 Mortgage Workers – 8/25/2018

Wells Fargo Lays off Over 600 Mortgage Workers

AUGUST 24, 2018 / 4:01 PM

Wells Fargo lays off more than 600 mortgage workers

Imani Moise

(Reuters)Wells Fargo & Co (WFC.N) is laying off more than 600 workers as it grapples with a slowdown in its mortgage business, a bank spokesman said on Friday.

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.

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 fulfillment 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.

Source: Reuters

https://inteldinarchronicles.blogspot.com/2018/08/wells-fargo-lays-off-over-600-mortgage.html

Advertisements
This entry was posted in * FREEDOM FIGHTERS, * Ground Crew MESSAGES, * HUMAN LIFE INTERESTS, - CABAL'S LATEST MOVES, - CRIMES Against Humanity, - HIDDEN ♠ CONTROLLERS, - WARS - ON HUMANITY, ♠ NEW WORLD ORDER ♠, BAD BANKSTER ♠ CRIMES, BANKING - INFORMATION, Bankster Mortgage Fraud, EDUCATIONAL CRIMES, IMMEDIATE ATTENTION, MILITARY - WAR MOVES, MILITARY Secret Weapon, NAZI - CLONES, POSITIVE vs NEGATIVE, ROYAL EVIL FAMILIES, SATANIC ♠ ILLUMINATI, SURVIVAL INFORMATION, UNITED WE STAND UP, UNJUST FRAUD CRIMES, UNJUST THEFT CRIMES, VICTORY TO THE LIGHT, WARS EVIL COMPANIES, WARS ON CLASSES, WHAT IS HAPPENING ?, WORLD ♠ GANGSTERS. Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s