Wells Fargo cuts 1,900 jobs as refinancings slow

By Reuters
Posted April 7 at 5:45 p.m.

Wells Fargo & Co said on Thursday it is shedding about 1,900 jobs, or less than 1 percent of its total workforce, as mortgage refinancings slow.

The San Francisco-based lender said notices went out March 23 giving the employees 60 days to find new jobs. Some will be reassigned in the company, spokesman Jason Menke said.

A majority of the jobs were temporary, created last year when refinancings surged due to record-low interest rates.

“They were hired during the last several months to assist us with application volumes,” Menke said. “We had seen a significant increase in demand for mortgage refinancings throughout 2010.”

“Interest rates were favorable by historical standards,” Menke said. “Interest rates have edged up a bit. That’s part of it.”

The layoffs are occurring in Wells Fargo locations across the United States, Menke said, and affect about 3 percent of Wells Fargo’s total mortgage staff of 52,000.

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One comment:

  1. Job descriptions April 8 at 5:30 a.m.

    No problem they have cutted lot of temporary jobs.

    Job descriptions

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