Round 4 of job cuts at Wells Fargo; 102 Minnesota workers laid off - Bring Me The News

Round 4 of job cuts at Wells Fargo; 102 Minnesota workers laid off

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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.

That was the exact same quote company spokespeople used in August in places including Charlotte and Phoenix. In August, the company laid off a total 2,300 employees nationwide.

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.

The bank laid off 332 in the Twin Cities in September and another 161 Minnesota jobs in August.

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.

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