The home-lending unit is based in Des Moines, Iowa and the cuts are being spread out around the nation. Frankly, this is not that surprising when you consider what has happened with interest rates. In fact, refinancings were peaking even before mortgage rates hit a low because those who could refinance had already done so.
It turns out that this will make the total layoffs since July come to roughly 3,000. Wells Fargo is the king of mortgage banking, which means it also has the most to lose in opportunity costs. The bank’s total headcount of almost 275,000 workers implies that just over 1% will have been let go. Whether or not more jobs will be terminated if rates keep rising and/or if housing slows is up to you to decide.
Wells Fargo closed down 0.5% at $42.36 against a 52-week range of $31.25 to $44.79.
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