Wells Fargo said Wednesday that it will lay off 700 workers, adding to the tens of thousands who have lost their jobs industry-wide after rates jumped last year.
The San Francisco bank said the cuts included 203 employees in the Minneapolis-St. Paul Area, according to my colleague Jim Hammerand at the Twin Cities Business Journal.
“We are reducing staff as a result of the continuing changes in the demand for mortgage financing,” said Wells Fargo spokeswoman Peggy Gunn. “Mortgage application volume declined significantly in the last six months of 2013, and we currently expect mortgage origination volume to decline in first quarter of 2014, reflecting seasonality in the purchase market and lower refi volumes.”
via Wells Fargo cuts 700 jobs as casualties mount in mortgage slowdown – San Francisco Business Times.
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