WCCO EYE4 LOGO WCCO Radio wcco-eye-red01, ww color red

Local

Wells Fargo Cuts 700 Jobs From Mortgage Unit

View Comments
(credit: Justin Sullivan/Getty Images)

(credit: Justin Sullivan/Getty Images)

Get Breaking News First

Receive News, Politics, and Entertainment Headlines Each Morning.
Sign Up
Today's Most Popular Video
  1. 4 Things To Know For Sept. 22, 2014
  2. Woman Launches New Local Bourbon Line, Crooked Water
  3. Bob Suter Leaves Behind Quite A Legacy
  4. Jason DeRusha Gladly Takes A Pie To The Kisser
  5. Alaska TV Reporter Quits On Air While Promoting Pot

MINNEAPOLIS (AP) — Wells Fargo & Co. is cutting 700 jobs from its home lending business as mortgage refinancing slows down.

Most lenders have said they saw fewer refinancings once interest rates began to rise midway through last year. Wells Fargo spokesman Tom Goyda says the number of new mortgages is continuing to drop during the first quarter of this year, although not as fast as it dropped last year.

The workers who will lose their jobs were notified on Wednesday. Goyda says that some may be able to find other jobs within the San Francisco-based company. Wells Fargo & Co. has about 52,000 workers in its mortgage business.

On Tuesday JPMorgan Chase & Co. said it will cut 6,000 jobs from its mortgage unit this year.

(© Copyright 2014 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

View Comments
blog comments powered by Disqus
Follow

Get every new post delivered to your Inbox.

Join 1,870 other followers