Wells Fargo Plans to Cut 700 Jobs as Mortgage Demand Fades
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Wells Fargo & Co., the biggest U.S. home lender, plans to eliminate 700 more jobs from its mortgage business as demand for buying and refinancing property slows.
The reductions are on top of 250 cuts made in January and more are possible in the coming months, Tom Goyda, a spokesman for the San Francisco-based company, said today. The bank sent notices yesterday to the affected employees, whose work includes mortgage origination, processing and fulfillment, Goyda said.