Wells Fargo lays off mortgage bankers - CNBC

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February 22, 2023 6:31 PM EST

FILE PHOTO: A man uses an automated teller machine (ATM) at a Wells Fargo Bank branch on a rainy morning in Washington January 17, 2012. REUTERS/Gary Cameron/File Photo/File Photo

(Reuters) -Wells Fargo & Co laid off hundreds of mortgage bankers this week as part of its recent strategic shift, CNBC reported on Wednesday, citing people with knowledge of the matter.

The layoffs affected top producers, including bankers who exceeded $100 million in loan volumes last year and some who attended an internal sales conference for high achievers, the report added.

In an emailed statement to Reuters, Wells Fargo said there were "displacements" across its home lending business in alignment with previously announced strategic plans and a decrease in mortgage volumes.

The reported job cuts add on to a slew of layoffs seen across most big banks that are trying to streamline operations following a slowdown in dealmaking activity, weakening economic growth and rising interest rates.

The affected workers this week include mortgage bankers and home loan consultants, who work across the United States and are compensated mostly on sales volume, the report said.

(Reporting by Anirban Chakroborti in Bengaluru; Editing by Shinjini Ganguli and Subhranshu Sahu)


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