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VOL. 128 | NO. 184 | Friday, September 20, 2013

Wells Fargo to Lay Off 1,800 Mortgage Employees

AP

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NEW YORK (AP) Wells Fargo & Co. says it plans to lay off an additional 1,800 employees from its mortgage department. The plans come after the bank cut about 2,300 jobs from the same unit in August.

Wells Fargo spokesman Alfredo Padillo said that the bank is cutting jobs in the mortgage department because fewer people than it expected are refinancing their mortgages. The jobs are in locations across the country.

The affected employees were given 60 days' notice. The bank says that is looking for other positions for those people within the company.

The San Francisco-based company is the nation's second-largest bank by deposits and is the largest originator of residential mortgages in the U.S.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 86 313 4,762
MORTGAGES 97 409 6,640
FORECLOSURE NOTICES 34 147 1,475
BUILDING PERMITS 0 705 11,294
BANKRUPTCIES 53 311 4,525
BUSINESS LICENSES 41 177 1,983
UTILITY CONNECTIONS 64 436 6,253
MARRIAGE LICENSES 19 132 1,373

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