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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 This material may not be published, broadcast, rewritten or redistributed.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 92 345 2,680
MORTGAGES 74 340 3,234
FORECLOSURE NOTICES 33 78 555
BUILDING PERMITS 188 810 5,813
BANKRUPTCIES 41 234 2,013
BUSINESS LICENSES 25 116 1,012
UTILITY CONNECTIONS 33 129 1,141
MARRIAGE LICENSES 14 66 409

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