Wells Fargo / To cut 2,300 mortgage jobs

Wells Fargo is cutting thousands of jobs in its mortgage business as the biggest home lender in the US prepares for a further drop in demand for new mortgages, writes Tracy Alloway.

The San-Francisco-based bank, also the largest in the US by market value, plans to trim 2,300 positions in its mortgage production unit, a company spokesman confirmed on Wednesday. The eliminations are the third, and biggest, wave of job cuts in the mortgage business to be announced by the bank so far this year.

They are part of a renewed push by John Stumpf, chief executive, to cut Wells’ overall costs to help offset lower mortgage lending and falling profit margins.

Chosen excerpts by Job Market Monitor. Read the whole story at 

via Wells cuts 2,300 mortgage jobs – FT.com.