What's Behind Banks' Mortgage Layoffs
July 25, 2013 11:35 AM
1:39 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.