What's Behind Banks' Mortgage Layoffs
Published July 25, 2013 11:35 AM
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Updated February 10, 2020 10:45 AM
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Citigroup and Wells Fargo are laying off hundreds of mortgage workers, as the boom in home loan refinances starts to taper off. The job cuts are a familiar story for the cyclical mortgage business, but they signal more bad news for the banks that have seen refis as a bright spot amid lackluster sources of revenue.