In an emailed statement to Reuters, Wells Fargo said there
were "displacements" across its home lending business in
alignment with previously announced strategic plans and a
decrease in mortgage volumes.
The reported job cuts add on to a slew of layoffs seen
across most big banks that are trying to streamline operations
following a slowdown in dealmaking activity, weakening economic
growth and rising interest rates.
The affected workers this week include mortgage bankers and
home loan consultants, who work across the United States and are
compensated mostly on sales volume, the report said.
(Reporting by Anirban Chakroborti in Bengaluru; Editing by
Shinjini Ganguli and Subhranshu Sahu)
(Adds details, background)
Feb 22 (Reuters) - Wells Fargo & Co laid off
hundreds of mortgage bankers this week as part of its recent
strategic shift, CNBC reported on Wednesday, citing people with
knowledge of the matter.
The layoffs affected top producers, including bankers who
exceeded $100 million in loan volumes last year and some who
attended an internal sales conference for high achievers, the
report added.
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