MINNEAPOLIS (WCCO) — Wells Fargo announced hundreds of job cuts in the Twin Cities area Wednesday.
In the Home Mortgage division, 332 positions were reduced in Minnesota. In various other cities nationwide, similar notifications were made for a total of 1,865 job reductions in the Home Mortgage division.
Wells Fargo spokeswoman Peggy Gunn says it’s a result of lower mortgage refinancing volume than experienced throughout 2012 and early 2013.
“After looking at the current market and our business needs, we are reducing 332 positions locally to respond to this change in demand and better align and increase the efficiency of our organization,” Gunn said.
The Home Mortgage division also took a big hit in late August, when Wells Fargo announced 150 job cuts in Minneapolis and 2,300 nationwide.