Wells Fargo
Headquarters: San Francisco, California
Number of impacted employees: Over 800
Layoff date: Ongoing
The nation’s leading bank mortgage originator began cuts in April
after reportinga 33% year-over-year decline in origination volume over the first three months of the year. Wells hasn’t confirmed the exact number of employees being let go, although at least 197 have been targeted for layoffs in the Des Moines area, where the bank’s mortgage division is based. Another 32 bank employees in California have been laid off, according to WARN notices.
The depository shed hundreds of additional mortgage employees across the country Dec. 1 in response to the Federal Reserve's ongoing interest rate hikes slowing mortgage activity, Bloomberg reported. Wells has not disclosed exactly how many employees were impacted.
In January, Wells Fargo announced that it was pulling out of correspondent lending. As a result, 140 employees were let go from its home lending division. In February, the firm cut more than 500 employees, according to a Bloomberg report.
