Wells Fargo slashes more than 300 mortgage jobs

by Ryan Smith26 Jun 2018

Wells Fargo will slash more than 300 mortgage jobs as rates rise and originations fall, the company has announced.

The banking giant announced Friday that it was laying off 100 employees at its Fort Mill, S.C., mortgage operation, according to The Charlotte Observer. And on Monday, The Minneapolis/St. Paul Business Journal announced that the bank would pink-slip 130 Twin Cities mortgage employees. The company also laid off nine employees in Raleigh, N.C., and six in Columbia, S.C., according to the Observer. Meanwhile, 63 employees in the bank’s Frederick, Md., office will get their walking papers, according to The Baltimore Business Journal. Between Friday and Monday, the bank announced the elimination of at least 308 mortgage jobs.

The bank said that the layoffs were in response to declines in origination volume and foreclosures and rising mortgage rates. It also cited the continuing tight inventory of for-sale homes, according to the Observer.

“The decision to reduce our workforce was made with great concern for our team members,” Wells Fargo said in a statement regarding the South Carolina layoffs.

Wells Fargo spokesperson Josh Dunn said all employees affected by the South Carolina layoffs were eligible to receive pay and benefits through Aug. 19.

Spokesperson Christina Carmichael said the Maryland layoffs came after “carefully evaluating market conditions and consumer needs.”

 

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