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Wells Fargo Dominates Mortgage Layoffs

Recent mortgage-related layoff activity

Aug. 22, 2011

By SAM GARCIA MortgageDaily.com


portrait of Sam Garcia

This year has seen many job losses in the mortgage sector, and Wells Fargo seems to doing much of the laying off.

The home-equity group at Wells Fargo & Co. disclosed in a Worker Adjustment and Retraining Notification that 59 employees in Roanoke, Va., will be laid off on Aug. 27.

Wells Fargo Bank's home mortgage wholesale operation filed a WARN notice for 53 Irvine employees let go on April 9. Another 53 positions were eliminated in Irvine on May 22 at Wells Fargo Home Mortgage Group.

Around 230 of the 1,900 mortgage layoffs disclosed in March by Wells are in California, while another 274 are in the Minneapolis area, 259 are in North Carolina and around 51 are in South Carolina.

In San Diego, Wells Fargo notified disclosed that 82 employees were let go on May 22, while Florida was notified of 155 layoffs in Jacksonville on April 25.

The state of Iowa was notified by Wells Fargo & Co. that 142 employees would be laid off in Des Moines on April 11, while another 139 were terminated on March 23. Published reports had 80 refinance employees in the city laid off in July.

Wells Fargo & Co. filed a WARN in Pennsylvania indicating that 193 Bethlehem employees were being laid off on May 29, while another 56 positions in Philadelphia were to be eliminated on June 4. The Philadelphia Business Journal reported in April that 120 mortgage jobs were being eliminated in the Philadelphia area around May.

In the Dallas area, Wells Fargo eliminated 67 jobs in May, a Texas filing indicated. Wells Fargo & Co. cut 77 positions in San Antonio that same month.

Colorado mortgage layoffs at Wells Fargo included 55 Grand Junction employees in July and 85 Denver jobs in March, published reports indicate.

Moving on from Wells Fargo, State Street & Trust in May laid of 270 Princeton employees, a filing with New Jersey said.

Kondaur Capital Corp. which told 155 employees in February that they were being terminated, said in a filing that 161 employees were laid off in Orange, Calif., on April 18.

The foreclosure law firm of Ben-Ezra & Katz, P.A., told the state of Florida that it laid off 145 employees in Ft. Lauderdale on June 29 and another 54 on March 31.

State Street Bank and Trust advised California that it let 124 people in Irvine go and another106 employees in Alameda as of April 1.

The Bank of New York Mellon laid of 98 Lodi, N.J., personnel this month. The bank additionally cut 51 positions in Philadelphia on May 30, another 12 on June 17, five more on Aug. 12 and plans to layoff another five in the city next month.

CitiMortgage Inc. eliminated 108 Michigan jobs in April, according to Ann Arbor News. Including the Michigan layoffs, around 400 jobs are being eliminated in Dallas, Las Vegas and St. Louis. The St Louis Post Dispatch had 43 of the jobs in O'Fallon, Mo.

About a hundred people are expected to be affected from the closing of 23 branches in six states by Tupelo, Miss.-based BancorpSouth Inc. Eight branches are each in Arkansas and Mississippi, while the rest are in Alabama, Missouri, Tennessee and Texas.

There were 70 people laid off at Federal Trust Bank in Florida as of Sept. 30, a WARN filing in that state said.

At OneWest Bank, FSB, 65 Irvine employees were relieved of their positions on May 26, according to a filing with California. Published reports indicate that the layoffs occurred at the Financial Freedom subsidiary.

In Redwood City, Calif., 62 US Bank employees were unemployed as of June 30, according to a WARN filing.

At Bank of America in Ft. Lauderdale, Fla., 59 employees will be released beginning Nov. 1, the company said in a WARN filing. Another 110 Rolling Meadows, Ill., employees were impacted from layoffs on June 11.

BofA told the state of Maryland that it would layoff two people in Hunt Valley on April 30 and two more in Columbia on June 15.

The closing of a mortgage center in Wichita, Kan., has 10 Bank of America Home Loans employees out of a job, The Wichita Eagle reported in May.

In Franklin, Tenn., Tree.com expected to lay off 49 people this month, the Tennessean reported. Another 64 jobs were eliminated by Tree.com this month in Indianapolis, according to the Indianapolis Business Journal.

Security National Servicing Corp. reduced its staff by 49 employees, including 31 at its Eureka, Calif., headquarters, the Times-Standard reported.

Only 20 employees will be impacted from planned layoffs by First Bank on Sept. 30 in Folsom, Calif., based on a filing with the state.


Sam Garcia founded Mortgage Daily in 1998 and became its full-time publisher in 2000. Before that, he worked in mortgage lending for two decades.

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