The Oregon Biz Report - Business News from Oregon

Read about accutane journal moderate acne here

3,400 Mortgage jobs axed by Wells Fargo, Bank of America

April 21, 2011

Wells Fargo cuts 1,900 mortgage jobs, Bank of America cuts 1,500
By Oregon Small Business Association

West coast bank Wells Fargo cut 1,900 employees from the mortgage unit nationwide last month. The layoffs were announced on March 23 and gave the employees 60 days’ notice. The San Francisco company gave the slowdown in the mortgage business as a reason for the cuts. Wells Fargo saw mortgage originations fall to $386 billion last year from $420 billion in 2009.

Many of the 1,900 employees were temporary hires that were brought in as consumer interests in refinancing surged when interest rates lowered. The cut represents less than 1 percent of Wells Fargo’s 272,000 work force, the San Francisco Business Times reports in their article here.

In similar news, Bank of America announced this month that they are eliminating 1,500 jobs that are based in their mortgage origination department. Bank of America is closing nearly 100 mortgage centers across the nation. Bank of America is moving away from creating new loans and instead refocusing on the their existing loans. More from the Charlotte Observer.

These shake-up in the mortgage jobs sector will add to the economic uncertainty of the current housing financial situation while reassuring others that banks are aggressively retuning their operations to free themselves from the previous housing crisis.

  
Print This Post Print This Post    Email This Post Email This Post

Discuss this article

no comments yet

Leave a Reply

Your email address will not be published. Required fields are marked *

Recent Articles

Press Releases



Top Business News

 

Top Women's News

 

Top Natural Resource News

 

Top Faith News

 

Copyright © 2016, OregonReport. All Rights Reserved. | Terms of Use - Copyright - Legal Policy | Contact Oregon Report

Stay Tuned...

Stay up to date with the latest political news and commentary from Oregon Business Report through daily email updates:

Delivered by FeedBurner

Prefer another subscription option? Subscribe to our RSS Feed, become a fan on Facebook, or follow us on Twitter.

RSS Twitter Facebook

No Thanks (close this box)