RECESSION WARNING: WELLS FARGO BEGINS LAYOFFS IN MORTGAGE DEPARTMENT
Wells Fargo, the nation’s largest home lender among US banks , has begun laying off mortgage staff after reporting a sharp decline in home lending revenues in the first quarter of 2022, Insider has learned.
Word of the jobs cuts were first seen on job-sharing website The Layoff, where multiple posters complained of layoffs within the bank’s mortgage operations teams, which include loan processors and underwriters.
Wells Fargo on Friday confirmed that there were layoffs within its home lending operation, but declined to specify the scope of cuts.
“We are carrying out displacements in a transparent and thoughtful manner and providing assistance, such as severance and career counseling. Additionally, we are committed to retaining as many employees as possible and will do everything we can to help them identify other opportunities within Wells Fargo,” a Wells Fargo spokesperson said in a statement provided to Insider.
Postings on The Layoff, however, suggest Wells Fargo’s layoffs hit mortgage teams in at least five US cities, including the Phoenix, Des Moines, and San Antonio markets, as well as in Portland, Oregon, and Raleigh, North Carolina.
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