Wells Fargo issues more layoffs in mortgage business - Phoenix Business Journal

Wells Fargo & Co. has reportedly cut hundreds of workers of its mortgage unit as interest rates dry up home refinancings across the U.S., which cited people close to the situation who asked not to be identified.

No WARN notice from Wells Fargo had appeared on the Arizona Job Connection website as of Dec. 2. A notice is required under the federal Worker Adjustment & Retraining Notification Act if the bank lays off more than 50 people from its locations in the state. The latest reductions in the bank’s mortgage unit add to thousands of cuts already made by Wells Fargo this year, according to Bloomberg,on the bank's plans to shrink its mortgage empire. The company — which is the biggest home lender among U.S. banks — had by then signalled a slow retreat in the mortgage business, abandoning its previous strategy of seeking to be the biggest in the industry.."We won’t be as large as we were historically.

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