Wells Fargo Cuts More Than 500 Mortgage Staff on Strategy Shift
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Wells Fargo & Co. cut hundreds of jobs in its mortgage unit this week, adding to thousands of cuts last year, as the firm retreats from a business it once dominated.
The latest reductions affected more than 500 employees, according to a person familiar with the matter. Wells Fargo announced a “new strategic direction” for the business last month that includes exiting correspondent lending, a pivot that Chief Financial Officer Mike Santomassimo said last week is “largely done.” The firm also said it will shrink the portfolio of loans it services.