Wells Fargo & Co. (NYSE:WFC) it will be slashing 1,900 mortgage jobs as refinancing and home lending continues to weaken.
Employees were told of the cuts on March 23, which is 3 percent of the mortgage workers of the company and 1 percent of its overall workforce.
There is no particular location the cuts will be made, as they'll be scattered across the U.S.
This wasn't totally unexpected as when the hiring was made in 2010 it was based on the low interest rates which generated a large number of homes being refinanced.
Wells Fargo is the largest home lender in America.
Wells Fargo closed at $32.17 on Thursday, dropping $0.23, or 0.71 percent.
Friday, April 8, 2011
Wells Fargo (WFC) Slashing 1,900 Mortgage Jobs
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