Higher Interests Rates May be to Blame for Wells Fargo Layoffs

September 30, 2013

In August the largest originator of residential mortgages in the U.S., Wells Fargo & Co., cut over 2,000 jobs and have now announced another 1,800 layoffs. A total of 4,100 people will see their mortgage department positions disappear in Wells Fargos across country. News of this announcement resulted in a 36 cents share drop of the Wells Fargo stock. Statements from the company officials said that employees were given 60 days notice and the bank hopes to transfer some of those affected into different positions within the company.