Wells Fargo Cuts Hundreds of Mortgage Bankers, Reports Say
February 23 2023 - 7:17AM
Dow Jones News
--Wells Fargo & Co. laid off hundreds of mortgage bankers
this week as part of its recent strategic shift, CNBC and Bloomberg
report, citing people familiar with the matter.
--The layoffs included a few bankers who surpassed $100 million
in loan volumes last year, according to CNBC, while Bloomberg
reports that the cuts affected more than 500 employees.
--The cuts are in alignment with plans Wells Fargo announced in
January to create a more focused home-lending business, the company
told both CNBC and Bloomberg.
Full stories:
https://www.cnbc.com/2023/02/22/wells-fargo-lays-off-mortgage-bankers-days-after-rewarding-some-with-california-retreat.html
https://www.bloomberg.com/news/articles/2023-02-22/wells-fargo-cuts-more-than-500-mortgage-staff-on-strategy-shift?sref=cvDKYV7o
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
February 23, 2023 07:02 ET (12:02 GMT)
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