Wells Fargo will lay off 107 workers at the end of August in Des Moines, where its home mortgage division is based. It was the company's latest move in response to declining origination and refinance activity.The bank hasnβt disclosed the number of impacted mortgage staff since it began layoffs in April, but said Wednesday that 35% of them have moved into other roles within the company.Β βThe home lending displacements are the natural result of cyclical changes in the broader home lending e...
Wells Fargo will lay off 107 workers at the end of August in Des Moines, where its home mortgage division is based. It was the company's latest move in response to declining origination and refinance activity.The bank hasnβt disclosed the number of impacted mortgage staff since it began layoffs in April, but said Wednesday that 35% of them have moved into other roles within the company.Β βThe home lending displacements are the natural result of cyclical changes in the broader home lending e...
Layoffs in Wells Fargoβs mortgage division will likely continue over the next few months as rising interest rates erode the bankβs refinancing business, executives said Friday.Income from home lending fell to $972 million during the second quarter of 2022, a 53% decrease from more than $2 billion during the same quarter last year. Further declines in the third quarter are possible since the βmortgage market is expected to remain challengingβ in the near future, Chief Financial Officer M...
Layoffs in Wells Fargoβs mortgage division will likely continue over the next few months as rising interest rates erode the bankβs refinancing business, executives said Friday.Income from home lending fell to $972 million during the second quarter of 2022, a 53% decrease from more than $2 billion during the same quarter last year. Further declines in the third quarter are possible since the βmortgage market is expected to remain challengingβ in the near future, Chief Financial Officer M...
