SAN FRANCISCO Wells Fargo is laying off 2,300 mortgage jobs nationwide as the result of flagging demand for mortgage refinancing.
The $1.4 trillion-asset company announced Wednesday that it had slashed jobs in mortgage offices from North Carolina to California. The cutbacks involve workers in Birmingham, Ala., Jacksonville, Fla., San Bernardino, Calif. and Des Moines, Iowa.
“While interest rates remain very favorable by historical standards for homebuyers, a recent rise in rates has affected consumer demand for mortgage refinancing, causing volumes to fall below what we experienced throughout 2012 and early 2013,” a Wells Fargo spokesman said. “We are reducing staff to respond to this shift in demand and to better align and increase the efficiency of our organization.”
All employees were given 60-day notice, Wells Fargo said. The company said it would try to find new positions within the company for those affected by the layoffs.
