The latest reductions affected more than 500 employees, according to a source. — AFP
NEW YORK: Wells Fargo & Co has 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 source.
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 would shrink the portfolio of loans it services.
“As part of these efforts, we have made displacements across our home lending business in alignment with this strategy and in response to significant decreases in mortgage volume in the broader market environment,” it said in a statement. — Bloomberg
