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Wells Fargo & Co To Cut 2,300 Mortgage Jobs-Reuters


Wednesday, 21 Aug 2013 06:13pm EDT 

Reuters reported that Wells Fargo & Co will cut 2,300 jobs in its home loan business because fewer customers are refinancing as interest rates rise. The cuts would represent around 3.3% of the bank's consumer lending employees, the bank said. Although the bank does not disclose how many of its staff work in home loans specifically, Wells Fargo had over 11,000 mortgage loan officers on its payroll at the end of March. The 2,300 employees whose positions are to be eliminated received their 60-day notice on August 21, 2013 a Wells Fargo spokeswoman said in an email.