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Wells Fargo Prominent Among Mortgage Layoffs

Recent mortgage-related job losses

July 18, 2016

By SAM GARCIA Mortgage Daily



portrait of Sam Garcia

In addition to 200 recent layoffs at Wells Fargo & Co. units, dozens of other mortgage layoffs at several locations across the country have recently been made.

April 3 was the last day for Wells Fargo employees in Raleigh, North Carolina, a filing with the Workers North Carolina Department of Commerce indicated.

Notification about the staff reduction, which which resulted in 87 job cuts, was required under the Worker Adjustment and Retraining Notification Act.

Sixty employees were laid off by Wells Fargo Home Mortgage Servicing on April 3, according to a WARN filed with the Washington State Employment Security Department. The report indicated the job losses took place in Vancouver.

Forty people were impacted by by layoffs at Wells Fargo Home Mortgage in St. Louis Park, Minnesota, a WARN filing with the state said. The layoff date was Feb. 23.

Thirteen employees in West Des Moines, Iowa, were let go on June 20 by Wells Fargo, a WARN filing in that state indicated."Mass layoff" was cited as the type.

In Wilmington, Delaware, Capital One - Mortgage Services cut 109 jobs, a filing with the Delaware Department of Labor noted. The WARN was filed on Feb. 3.

A WARN filed with the California Employment Development Department indicates that Bank of America Corp. is cutting back on staff in Simi Valley. The layoffs impacted 90 people and took place on June 19.

OneMain Financial reported to the Texas Workforce Commission that it is laying off 116 people in Irving, Texas, on July 31. Spokesmen for OneMain Holdings Inc. ignored a request for clarification about whether any of the layoffs are mortgage-related.

Bloomberg reported that in January, Barclays PLC eliminated 20 positions in its U.S. government-backed mortgage bond business.

Synchrony Bank notified the Texas Workforce Commission of 77 employee layoffs. Jobs in fast-growing Dallas suburb of Frisco are impacted. The staff reduction is effective on Aug. 22.

Ohio's Department of Job and Family Services reported that Sychrony Bank is laying off 57 people at consumer operations center in Canton on Sept. 10.

JPMorgan Chase is eliminating 90 banking services jobs in Houston, according to the TWC's report. Aug. 7 is the date of the layoffs.


Sam Garcia founded Mortgage Daily in 1998 and became its full-time publisher in 2000. Prior to his news career he worked in mortgage lending for two decades.

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