As part of its recent strategic shift, Wells Fargo & Co (WFC.N) lay off hundreds of mortgage bankers this week, according to CNBC’s story on Wednesday, which was based on sources with knowledge of the situation.
Top producers, including bankers who topped $100 million in loan volumes the previous year and some who went to an internal sales conference for high achievers, were hit by the layoffs, the paper said.
Wells Fargo stated there were “displacements” across its home lending division in line with previously announced strategic initiatives and a decline in mortgage volumes in an email response to Reuters.
The alleged job losses come on top of a wave of layoffs that have been reported at most major banks as they attempt to streamline operations in the wake of a slowdown in dealmaking, sluggish economic growth, and higher interest rates.
Mortgage bankers and home loan advisors, who work across the United States and are primarily compensated on sales volume, are among the affected employees this week, according to the article.