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Wells Fargo Tops Recent Layoff Activity

Recent mortgage industry layoffs

Sept. 28, 2015

By SAM GARCIA Mortgage Daily

portrait of Sam Garcia

While mortgage-related layoffs have slowed to a trickle for much of the industry, Wells Fargo & Co. recently eliminated hundreds of positions.

In Milwaukee, 839 employees who worked in real estate credit were laid off on July 19 by San Francisco-based Wells Fargo.

The disclosure was made in a Worker Adjustment and Retraining Notification Act filing with the Wisconsin Department of Workforce Development.

The job cuts were part of a round of 1,142 mortgage servicing layoffs across the country announced in March.

Five of the earlier layoffs happened in the Minneapolis area, an article from the Minneapolis/St Paul Business Journal said.

Home Retention Services Inc. will eliminate 255 employees in Chesapeake, Virginia, on Nov. 23 due to the closing of an office.

Those layoffs were disclosed in a WARN filing with the Virginia Board of Workforce Development.

With the planned closing of an office in Goodlettsville, Tennessee, on Oct. 1, Green Tree Servicing LLC will eliminate 32 jobs, The Tennessean reported earlier this month.

In Charlotte, North Carolina, 14 Discover Home Loans Inc. employees were laid off, according to a WARN filing with the North Carolina Department of Commerce.

The Discover layoffs, which took place on Aug. 15, were the result of a decision earlier this year to shutter the home lending business.

Beginning on April 24 and continuing until Sept. 28, Bank of New York Mellon began cutting 50 jobs in New York, a WARN filing in that state said.

BNY advised the state of Pennsylvania about 280 layoffs planned for Oct. 9.

JPMorgan Chase & Co. advised the New York Department of Labor in a WARN filing that it plans to let go 195 employees in Garden City, New York, on Dec. 16.

On Oct. 9, Branch Banking and Trust Corp. is laying off 126 employees in Hagerstown, Maryland, a WARN filing with the state's Department of Labor, Licensing and Regulation said.

Bank of America advised the state of New York that it eliminated 29 jobs in Melville, New York, on Sept. 1.

Nineteen layoffs are happening in New York at Sterling National Bank during the fourth quarter, according to multiple WARN filings in that state.

Capital One advised the state of Oregon that it plans 842 layoffs in Portland during the fourth quarter. However the company previously noted in 2013 that layoffs in the area were not related to mortgage lending.

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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