Wells Fargo To Lay Off 2,300 Workers In Mortgage Unit

SAN FRANCISCO (CBS SF) – Wells Fargo is laying off workers from its mortgage unit, the latest sign that the mortgage refinancing boom has cooled.

The San Francisco-based bank says it sent 60-day notices to about 2,300 mortgage employees on Wednesday. The bank said in a statement at the layoffs will be at “locations across the country.” A spokesman declined to give details.

The bank said it has to lay off workers because mortgage refinancing demand had dropped compared to 2012 and early 2013. Wells Fargo is the biggest mortgage lender in the U.S.

The layoffs make up less than 1 percent of Wells Fargo’s total workforce. But they’re notable because Wells, unlike other mega-banks, has been adding jobs overall.

Spokesman Tom Goyda said the bank would try to find “other opportunities” for laid-off workers within Wells Fargo.

(Copyright 2013 by CBS San Francisco. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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