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Massive Mortgage Layoffs at Wells Fargo

Falling loan originations prompt job cuts

Aug. 21, 2013 (updated 11:07 p.m.)

By Mortgage Daily staff

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.


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