Wells Fargo lays off hundreds of its mortgage bankers
US banking giant Wells Fargo has laid off hundreds of mortgage bankers in a new round of job cuts, according to a CNBC report.
The layoffs impacted some of the bank’s top performers – including bankers who exceeded $100 million in loan volumes last year, CNBC says.
In an email, a Wells Fargo spokesperson tells FinTech Futures that the “displacements” are part of strategic plans announced in January to create “a more focused” and simplified home lending business.
They add the plans were made in response to “significant decreases” in mortgage volumes in the broader market environment.
“We have communicated openly and honestly with impacted employees and provided opportunities for severance, career assistance, and other services to assist them,” the spokesperson says.
“Additionally, we intend to retain as many employees as possible and have had good success identifying other opportunities and transferring them into other roles within Wells Fargo.”
While the bank hasn’t divulged numbers, reports claim more than 500 US-based employees have been affected in the fresh round of layoffs, including mortgage bankers and home loan consultants.