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Wells Fargo Said to Eliminate 2,300 Mortgage Jobs

Wells Fargo & Co., the biggest U.S. home lender, will eliminate 2,300 jobs in mortgage production because demand for refinancings has slumped and probably will drop more as interest rates rise.

Other smaller cuts were made in the past few weeks around the country, said people with knowledge of the matter, who asked for anonymity because the changes haven’t been publicly disclosed. The reductions would equal about 20 percent of the firm’s 11,406 mortgage loan officers employed as of March 31.