Another round of layoffs at the nation’s biggest residential lender pushed this year’s total mortgage job losses at the company past 6,700.
Wells Fargo & Co. gave 60-day notice to hundreds of mortgage employees on Wednesday, according to a statement from the San Francisco-based firm.
“This staffing change is a result of the slowdown in mortgage refinancing volume, compared to the first half of the year,” the statement said.
In all, 925 employees across the country were notified today of their impending layoffs.
In Des Moines, Iowa, where Wells Fargo Home Mortgage is based, the company said that 71 positions are being eliminated.
A Worker Adjustment and Retraining Notification filed with the Texas Workforce Commission indicated that 125 of the layoffs are in Irving, Texas.
Published reports indicate that another 111 of the job cuts will happen in Tempe, Ariz.; 102 layoffs are occurring in Minnesota’s Twin Cities; 43 are planned for Omaha, Neb.; and 40 are reported for Colorado Springs, Colo. In addition, 30 will take place in Appleton, Wis.; 24 are being eliminated in San Diego; 21 are slated for San Bernardino, Calif.; seven are in the Charlotte, N.C., area; and two have been reported for Massachusetts.
Wells Fargo didn’t disclose where the remaining layoffs will occur.
The move is part of a continued effort to align staffing with business needs and market conditions, the lender said.
Mortgage Daily has tracked roughly 6,795 layoffs announced by Wells Fargo since the beginning of this year — though some of the impacted employees might find work in another part of the financial services organization.
| Date Announced | Number of Layoffs |
| Oct 16 | 925 |
| Sep 18 | 1,865 |
| Aug 21 | 2,300 |
| Aug 7 | 763 |
| Jul 25 | 300 |
| Jul 22 | 356 |
| Apr 24 | 76 |
| Feb 13 | 210 |
| Total | 6,795 |
“All team members are eligible to receive pay and benefits through the end of their notice period, and we will offer affected team members support as they look for other job opportunities within Wells Fargo,” today’s statement said.
A recent investor presentation indicated that mortgage fulfillment staffing fell from a peak of more than 18,000 full-time employees as of the end of last year to around 17,000 as of the end of June.
