Wells Fargo will chop 332 Minnesota positions in its latest round of job cuts.
Nationwide the company is shedding 1,885 jobs from its mortgage lending division. As the Minneapolis St. Paul Business Journal reports, the company attributes the cuts to a decline in mortgage refinancing.
Earlier rounds of cuts brought the loss of 161 Twin Cities jobs in August and 34 in July.
When interest rates were at all-time lows, refinancing surged. But now re-fis are plummeting and mortgage lenders are retrenching. Bloomberg reported last week that Bank of America plans to cut more than 2,000 jobs by the end of next month.
In Minneapolis, Wells Fargo has been mentioned as the most likely anchor tenant in a pair of 20-story office towers the developer Ryan Cos. hopes to build alongside a new downtown Vikings stadium.
A Wells Fargo spokeswoman tells the Star Tribune the cuts announced Wednesday will not affect the bank's evaluation of the Ryan project.