Sunday, February 5, 2023
HomeBusinessWells Fargo cuts hundreds of jobs in mortgage business - Bloomberg News

Wells Fargo cuts hundreds of jobs in mortgage business – Bloomberg News

Dec 1 (Reuters) – Wells Fargo & Co (WFC.N) has cut hundreds of jobs in its mortgage business across the country, Bloomberg News reported on Thursday citing people familiar with the bank’s plans.

Higher inflation and rapidly rising mortgage rates have started to weigh on the housing market as buying homes becomes costlier, hitting what was until last year a booming industry.

Refinancing has also come under pressure due to the U.S. Federal Reserve’s aggressive monetary policy tightening campaign.

The latest reductions in the lender’s mortgage unit add to thousands already made by Wells Fargo this year, the Bloomberg report said.

The bank did not immediately respond to a Reuters request for comment on the report.

In June, JPMorgan Chase & Co , the largest U.S. bank by assets, had also started laying off employees in its mortgage business.

Reporting by Manya Saini in Bengaluru; Editing by Krishna Chandra Eluri

Our Standards: The Thomson Reuters Trust Principles.

Abdullah Anaman
Abdullah Anaman
I am a highly competent IT professional with a proven track record in designing websites, building apps etc. I have strong technical skills as well as excellent interpersonal skills, enabling me to interact with a wide range of clients.


Please enter your comment!
Please enter your name here
Captcha verification failed!
CAPTCHA user score failed. Please contact us!

Most Popular

Recent Comments