Layoffs

Last week the car manufacturer said it would cut jobs and close factories. Now credit unions in the affected areas are considering how the news will affect their members and themselves.

Moelis submits a revised Fannie/Freddie blueprint; FASB considering a plan to have banks break out charge-offs and recoveries on year-by-year basis; Wells Fargo layoffs begin with 1,000 jobs in mortgage and tech; and more from this week's most-read stories.

Wells Fargo will lay off 1,000 workers primarily from its mortgage unit in the first major round of a previously announced plan to cut the bank's workforce by as much as 10% over the next three years.

JPMorgan Chase is eliminating 400 positions in its mortgage banking unit, the latest lender to trim staff as a result of lower-than-expected demand in 2018.

USAA will be eliminating 265 home sales and lending positions, but it already has offered nearly 100 of the affected workers different jobs within its mortgage unit.

The cuts are part of a broader effort to trim expenses by roughly $3 billion a year by 2020.

Wells Fargo & Co. is cutting 638 mortgage employees as the nation’s largest home lender contends with a slowdown in the business.

While layoffs are a regular part of life in much of the workforce, that's not generally the case at credit unions. But analysts say there are multiple factors contributing to that, and it takes a strategy to ensure stability.

The 100 dismissals in asset management follow job cuts in other divisions; the agency cites the lack of protections against fraud and market manipulation.

Banc of California in Santa Ana will cut roughly 9% of its workforce as it looks to trim $15 million in expenses.

The Seattle company is firing 127 people, or a tenth of its mortgage staff, after enduring months of slow activity.

Otting wants banks to make small loans to consumers; the German bank will reduce headcount by at least 7,000.