Wells Fargo & Company has decreased its mortgage staff headcount by about 3%, The Wall Street Journal reports. The bank has laid off 1,900 interim employees in loan processing, underwriting and servicing working in its operations centers.
The employees have been given 60 days notice, adds Bloomberg. The move follows the bank’s strategy to reduce its costs after the drop in volume of new mortgages.
Click here for the story from The Wall Street Journal.
Click here for the additional coverage from Bloomberg.
