Thousands of mortgage jobs are being eliminated by Wells Fargo & Co. as the lender reacts to declining home loan production. The latest round of layoffs is on top of more than a thousand job cuts disclosed since last month.
Subsidiary Wells Fargo Home Mortgage is laying off 2,300 employees, according to a written statement issued on Wednesday.
Impacted team members located throughout the country were provided with 60-day notices of displacement, the statement from the Des Moines, Iowa-based lender said.
“A recent rise in rates has affected consumer demand for mortgage refinancing, causing volumes to fall below what we experienced throughout 2012 and early 2013,” Wells Fargo explained in the statement. “We are reducing staff to respond to this shift in demand and to better align and increase the efficiency of our organization.”
While a spokesman didn’t immediately respond to a request for detailed numbers by location, published reports indicate that the layoffs will occur in the following locations:
| State | Location | Total Layoffs |
| Alabama | Birmingham | 365 |
| Arizona | Tempe | 291 |
| Arizona | Phoenix | 1 |
| California | Costa Mesa, Santa Ana | 330 |
| California | Sacramento | 60 |
| California | San Bernardino | 63 |
| California | San Diego | 87 |
| California | Walnut Creek | 30 |
| Florida | Boca Raton | 22 |
| Florida | Tampa | 95 |
| Iowa | Des Moines | 87 |
| Minnesota | Twin Cities | 161 |
| North Carolina | Charlotte | 284 |
| North Carolina | Raleigh | 48 |
| Texas | Irving | 55 |
“We are committed to retaining as many team members as possible, working with them to identify other opportunities within Wells Fargo,” today’s statement said.
The reduction in staffing is on top of 763 nationwide layoffs linked to slowing refinances announced on Aug. 7. Those layoffs reportedly include 126 in St. Louis; 63 in West Chester, Ohio; and an unknown number in Denver.
As many as 300 potential job cuts related to the company’s exit from joint ventures were announced on July 25. Nearly half of those employees are reportedly located in the Twin Cities.
In addition, 356 layoffs were announced on July 18. Published reports indicate that those layoffs include 120 in Danville, Ill.; 58 in Des Moines; 19 in Houston; and 34 in Minneapolis.
