Wells Fargo is slashing yet more jobs as demand for refinancing stays sluggish, according to a Reuters report.
The nation’s largest mortgage lender announced Wednesday that it will be laying off 925 employees in its mortgage lending unit. The employees received 60 days’ notice of the elimination of their jobs, according to Reuters.
Wells Fargo has been slashing mortgage jobs left and right in the past months as higher interest rates strangled the once-booming refinance market. The bank reported $80bn in earnings from home loans in the third quarter – down 42% from the previous year, Reuters reported.
As refinance earnings spiraled the drain, Wells began slashing mortgage jobs. About 5,300 mortgage employees got pink slips in the third quarter, according to Reuters.