Wells Fargo, the biggest U.S. mortgage lender, eliminated an additional 925 jobs in its home loan unit and has cut more than 5,700 since midyear.
The bank gave the affected employees 60 days\’ notice Wednesday, said Catherine Pulley, a spokeswoman for the San Francisco company. The bank declined to say how many of the cuts were in the Bay Area. \”We are committed to retaining as many team members as possible\” and will try to find other opportunities for employees within the company, she said.
Wells Fargo, which reported a 43 percent plunge in third-quarter mortgage banking revenue, is cutting staff as home loan refinancings dry up and loans for new purchases fail to counter the decline. The bank announced 4,800 job cuts in the third quarter. The lender had about 271,000 people on its payroll on Sept. 30, making it the biggest employer among U.S. banks.
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