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More Wells Layoffs Push Annual Total Past 6,700

New round of mortgage layoffs disclosed

Oct. 16, 2013 (updated Oct. 21)

By Mortgage Daily staff

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.

Wells Fargo Mortgage 2013 Layoffs
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.


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