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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 This material may not be published, broadcast, rewritten or redistributed.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 73 391 11,120
MORTGAGES 88 481 13,903
FORECLOSURE NOTICES 0 0 2,278
BUILDING PERMITS 198 969 24,034
BANKRUPTCIES 54 288 8,432
BUSINESS LICENSES 29 126 3,771
UTILITY CONNECTIONS 67 536 13,457
MARRIAGE LICENSES 17 103 3,031

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