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Provider: Stock Traders Daily
Provider: Stock Traders Daily
Provider: Pechala's Reports
Provider: Reuters Investment Profile

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Wells Fargo & Co Cuts 925 More Mortgage Jobs-Reuters

Thursday, 17 Oct 2013 02:59pm EDT 

Reuters reported that Wells Fargo & Co, is laying off 925 employees in its home loan unit as rising rates cut into demand for refinancing. The San Francisco bank provided a 60-day notice on October 16, 2013 to the workers whose jobs will be eliminated nationwide, a spokesman said in a statement. The bank will continue to evaluate its staff levels in response to market conditions, the spokesman added. As mortgage revenue declined, the bank aimed to eliminate jobs to save on expenses. 

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