Improving loan performance and weak demand for new home loans has Wells Fargo & Co. laying off nearly 600 mortgage employees.
The San Francisco-based financial services conglomerate has disclosed that home lending positions are being eliminated across the nation.
Impacted employees within Wells Fargo’s residential lending division were advised on Wednesday that their jobs are being cut in 60 days.
“We announced staffing changes as the result of continuing market changes, including improvements in delinquency and foreclosure rates and only modest improvements in the demand for mortgage financing,” the company said in a written statement.
In all, 581 employees are impacted.
While Wells Fargo didn’t provide details about the layoff locations — published reports indicate that 87 are in Raleigh, North Carolina; 68 are in Charlotte, North Carolina; 59 are in Vancouver, Washington; nine are in Portland, Oregon; and another nine are in Sioux Falls, South Dakota.
“We are committed to retaining as many team members as we can and where possible we are working to identify other opportunities within Wells Fargo for affected team members,” the statement said.
