© Reuters. FILE PHOTO: A Wells Fargo logo is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. REUTERS/Chris Helgren
JPM
-1.34%
Add to/Remove from Watchlist
Add to Watchlist
Add Position
Position added successfully to:
Please name your holdings portfolio
Type:
BUY
SELL
Date:
Amount:
Price
Point Value:
Leverage:
1:1
1:10
1:25
1:50
1:100
1:200
1:400
1:500
1:1000
Commission:
Create New Watchlist
Create
Create a new holdings portfolio
Add
Create
+ Add another position
Close
WFC
-2.19%
Add to/Remove from Watchlist
Add to Watchlist
Add Position
Position added successfully to:
Please name your holdings portfolio
Type:
BUY
SELL
Date:
Amount:
Price
Point Value:
Leverage:
1:1
1:10
1:25
1:50
1:100
1:200
1:400
1:500
1:1000
Commission:
Create New Watchlist
Create
Create a new holdings portfolio
Add
Create
+ Add another position
Close
(Reuters) -Wells Fargo & Co has cut hundreds of jobs in its mortgage business across the country, Bloomberg News reported on Thursday citing people familiar with the bank’s plans.
Higher inflation and rapidly rising mortgage rates have started to weigh on the housing market as buying homes becomes costlier, hitting what was until last year a booming industry.
Refinancing has also come under pressure due to the U.S. Federal Reserve’s aggressive monetary policy tightening campaign.
The latest reductions in the lender’s mortgage unit add to thousands already made by Wells Fargo (NYSE:WFC) this year, the Bloomberg report said.
“We regularly review and adjust staffing levels to align with market conditions and the needs of our businesses,” the bank said in an emailed statement to Reuters but did not give any details on the number of employees or units affected.
In June, JPMorgan Chase & Co (NYSE:JPM), the largest U.S. bank by assets, had also started laying off employees in its mortgage business.
Source: Investing.com
