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Recent Wells Fargo Layoffs Reach 5,000

Dwindling refinances cited

Sept. 18, 2013 (updated Sept. 20)

By Mortgage Daily staff

After recently notifying more than 3,000 mortgage employees of their impending layoffs, Wells Fargo & Co. is handing out pink slips to nearly 2,000 more.

On Aug. 21, Wells Fargo Home Mortgage advised 2,300 employees that they would be laid off. Slowing refinance demand was blamed for the decision.

Those layoffs were on top of 763 announced on Aug. 7 and another 300 potential layoffs related to the company's exit from joint ventures announced on July 25.

On Wednesday, the San Francisco-based company disclosed that 60-day notices of displacement have been given to around 1,800 mortgage employees. Published reports put the exact number at 1,865.

"We are committed to retaining as many team members as possible, working with them to identify other opportunities within Wells Fargo," a statement said. "We announced these changes the result of less mortgage refinancing volume than we experienced throughout 2012 and early 2013. After evaluating the current market and our business needs, we are responding to this change in demand and to better align and increase the efficiency of our organization."

Today's job cuts weren't a total surprise.

Earlier this month, Wells Fargo Chief Financial Officer Timothy Sloan said at an investor conference, "we will continue to actively manage our capacity based on volume as we've done in the past."

Sloan's presentation indicated that mortgage fulfillment staffing had fallen from a peak of more than 18,000 full-time employees as of Dec. 31, 2012, to roughly 17,000 as of the end of June.

Published reports today indicate that the latest round of layoffs includes positions at the following locations:

State Location Total
Layoffs
Alabama Birmingham 4
Arizona Tempe 176
California Palm Desert 1
California San Bernardino 9
California Silicon Valley 16
Colorado Denver 100
Florida Jacksonville 17
Georgia Atlanta 8
Maryland Frederick County 21
Minnesota Twin Cities 332
North Carolina Charlotte 150
North Carolina Raleigh 27
Texas North Texas 16


Related:
Wells Warns of Slowing Production, More Layoffs (Sept. 9)
As refinance production has recently slowed at Wells Fargo & Co., thousands of jobs have been eliminated. With quarterly originations projected to fall another 40 percent, more layoffs could be ahead.

Massive Mortgage Layoffs at Wells Fargo (Aug. 21)
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.

Slowing Refis Behind Hundreds of Wells Fargo Layoffs (Aug. 7)
St. Louis mortgage lenders are laying off scores of employees as higher interest rates take a bite out of the mortgage refinancing business.

Wells Fargo Exiting Mortgage Joint Ventures (July 25)
Wells Fargo & Co. said it will withdraw from more than a half dozen joint ventures in a move that will impact hundreds of employees.

Wells Fargo profile

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