Wells Fargo, once the No. 1 player in mortgages, is stepping back from the housing market
Publishing timestamp: 2023-01-10 21:18:17
Summary
Wells Fargo is shifting its focus away from the multitrillion-dollar US mortgage market and will now focus on home loans for existing bank and wealth management customers and borrowers in minority communities. This shift will result in layoffs for the bank's mortgage operations, and Wells Fargo is investing $100 million towards its goal of minority homeownership. CEO Charlie Scharf has undertaken several strategic shifts since joining Wells Fargo in late 2019.
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