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Wells Fargo (WFC) said Thursday it will terminate eight mortgage joint ventures including a partnership with HomeServices Lending, an affiliate of Berkshire Hathaway.
July 25 -
Wells Fargo and Citigroup are laying off hundreds of employees in their mortgage units as rising interest rates cause home loan refinances to plummet. More layoffs by banks with heavy exposure to mortgages are expected this year.
July 19
Wells Fargo (WFC) is laying off 763 employees in its Home Mortgage division.
Workers in locations including Denver and St. Louis will lose their jobs as a result of slowing demand for mortgage refinancing, the company announced on Wednesday.
The layoffs are the latest in a series of cuts made by large mortgage lenders. In July, Wells slashed 350 jobs nationwide, and last month Citigroup (NYSE:C) laid off 120 workers in a Danville, Ill., refinancing office.
Workers affected by this round of cutbacks received 60 days' notice, Wells spokesman Alfredo Padilla said Wednesday. He said Wells hopes to find other jobs within the company for the laid-off workers.
