http://www.bloomberg.com/news/2013-09-18/wells-fargo-cutting-1-800-jobs-in-mortgage-processing-business.html
The cuts are in addition to 3,000 earlier this quarter, Tom Goyda, a spokesman for the San Francisco-based bank, said today
in an interview. That included 2,300 announced Aug. 21 and
smaller reductions prior to that, Goyda said.
Wells Fargo is eliminating jobs as rising rates slow
mortgage refinancings and new home purchases fail to make up for
the decline. The bank may originate about $80 billion in home
loans in the third quarter, a 29 percent drop from the three
months that ended June 30, Chief Financial Officer Timothy Sloan
said Sept. 9.
Wells Fargo was the largest employer among U.S. banks at
midyear with about 274,000 people. The workers whose positions
are being cut received 60 days’ notice, Goyda said.
Mortgages typically are divided into those for refinancing
existing loans and those for home purchases. While refis are
mainly tied to the level of interest rates, purchase mortgages
are tied to home-sale activity.
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