Wells Fargo cutting more mortgage jobs; 203 in Twin Cities


The latest round of job cuts at Wells Fargo's mortgage division is also one of the deeper ones, at least in Minnesota.

The bank says it's cutting 203 employees in the Twin Cities, the Star Tribune reports. Those are among 700 jobs being eliminated nationwide as the number of homeowners refinancing their mortgages continues to shrink.

The Star Tribune quotes a company spokeswoman who says Wells Fargo expects the number of mortgages the bank is handling will decline again when figures for the year's first quarter are released.

The Pioneer Press says since last July Wells Fargo has cut 1,100 home mortgage employees in the Twin Cities. It is the state's largest bank by deposits and employs 20,000 Minnesotans, the newspaper reports.

The Star Tribune says there were 30 mortgage-related job cuts at Wells in January. A bigger round last October involved 102 employees.

According to Bloomberg News, Wells Fargo is the country's biggest home lender. Bloomberg reported Wednesday that a deal to sell $39 billion in home loans to Ocwen Financial Corp. is coming under more scrutiny from regulators, who are looking at whether there is a conflict of interest involving Ocwen's chairman.

The Star Tribune reports Wells Fargo's spokeswoman said the layoffs will not affect the company's plan to move into a pair of new office towers planned alongside the site of a new Vikings stadium in downtown Minneapolis.

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