Apr 20, 2011

Wells Fargo cuts 1,900 mortgage jobs..

Wells Fargo & Co. cut 1,900 employees from its mortgage unit nationwide as mortgage refinancings slowed, the bank said Thursday.

San Francisco-based Wells (NYSE: WFC) announced the layoffs on March 23, giving affected employees 60 days' notice.

The bank blamed the cyclical mortgage business for the cuts, Reuters reports.

Wells saw mortgage originations fall to $386 billion last year from $420 billion in 2009, according to Bloomberg.

The cuts represent less than 1 percent of Wells' 272,000-plus work force.

Many of the employees were temporary hires brought in as refinancing surged on lower interest rates.

The bank said some of the affected employes would be moved to other departments.

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