Wells Fargo lays off mortgage bankers days after rewarding some with California retreat
Publishing timestamp: 2023-02-22 19:46:16
Summary
Wells Fargo laid off hundreds of mortgage bankers this week as part of a strategic shift. The layoffs included some top producers and those who operated outside of the bank's branch footprint. The cuts come after higher interest rates led to a collapse in loan volumes, forcing Wells Fargo and other firms to cut thousands of mortgage positions in the past year. The bank is now focusing on serving existing customers and minority communities.
Sentiment: NEGATIVE
Keywords: investment strategy, business news, wells fargo & co, jpmorgan chase & co, breaking news: markets, banks, breakingnewsglobal, breaking news: investing,