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.