Wells Fargo cuts 700 jobs from mortgage unitFebruary 27, 2014 @ 1:33 pm
MINNEAPOLIS (AP) - Wells Fargo & Co. is cutting 700 jobs from its home lending business as mortgage refinancing slows down.
Most lenders have said they saw fewer refinancings once interest rates began to rise midway through last year. Wells Fargo spokesman Tom Goyda says the number of new mortgages is continuing to drop during the first quarter of this year, although not as fast as it dropped last year.
The workers who will lose their jobs were notified on Wednesday. Goyda says that some may be able to find other jobs within the San Francisco-based company. Wells Fargo & Co. has about 52,000 workers in its mortgage business.
On Tuesday JPMorgan Chase & Co. said it will cut 6,000 jobs from its mortgage unit this year.
(Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
A cancer survivor says it was God's command to get the checkup that saved her life
It's a Team Sport
Jason Rantz says it's ironic that activists are mad about the language used in a police memo
Kansas City fans reclaim the world noise record from Seattle
Please login below with your Facebook, Twitter, Google+ or Disqus account. Existing MyNorthwest account holders will need to create a new Disqus account or use one of the social logins provided below. Thank you.