Wells Fargo delivered another flurry of pink slips Wednesday, laying off 925 employees nationwide, including 102 Minnesota mortgage operations staffers, the Star Tribune reports.
The jobs are being eliminated within the next two months, the newspaper reports. It was the fourth round of job cuts in the last four months.
“While interest rates remain very favorable by historical standards for home buyers, a recent rise in rates has affected consumer demand for mortgage refinancing, causing volumes to fall below what we experienced throughout 2012 and early 2013,” Wells Fargo spokeswoman Peggy Gunn said.
The San Francisco-based bank, the nation's largest home loan lender, is reacting to the "shift in demand" for mortgage services in an attempt to "increase efficiency," a spokesman said.
The bank still has in excess of 20,000 Minnesota workers, with roughly 8,000 work in its Twin Cities mortgage operations offices, the Star Tribune notes.
Wells Fargo's compensation costs actually rose in the third quarter even as the bank slashed 5,300 jobs, in part due to $63 million in severance pay to laid-off employees, the Wall Street Journal reported.
The Journal noted that the bank had 270,600 full-time employees at the end of the third quarter, an increase of 1 percent from a year earlier.