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Wells Fargo to lay off 2,300 workers, including 48 in Raleigh and 284 in Charlotte
By CHRISTINA REXRODE — AP Business Writer
NEW YORK — Wells Fargo is laying off workers from its mortgage unit, the latest sign that the mortgage refinancing boom has cooled.
The San Francisco-based bank said it sent 60-day notices to about 2,300 mortgage employees on Wednesday. The layoffs will be at "locations across the country," the bank said in a statement, and a spokesman declined to give details.
The bank will lay off 48 workers in Raleigh and 284 in Charlotte as part of a broader effort to reduce its mortgage staff as demand for refinancings slows. Higher interest rates on mortgages have put a damper on refinancings, a market that had heated up thanks to historically low interest rates.
"While interest rates remain very favorable by historical standards for homebuyers and lenders, the fast-paced consumer demand for mortgage refinancing we experienced throughout 2012 and early 2013 is slowing," bank spokesman Josh Dunn told The Charlotte Observer in an email message.
....
READ MORE: http://www.newsobserver.com/2013/08/22/3127433/wells-fargo-to-lay-off-2300-mortgage.html##storylink=cpy
NEW YORK — Wells Fargo is laying off workers from its mortgage unit, the latest sign that the mortgage refinancing boom has cooled.
The San Francisco-based bank said it sent 60-day notices to about 2,300 mortgage employees on Wednesday. The layoffs will be at "locations across the country," the bank said in a statement, and a spokesman declined to give details.
The bank will lay off 48 workers in Raleigh and 284 in Charlotte as part of a broader effort to reduce its mortgage staff as demand for refinancings slows. Higher interest rates on mortgages have put a damper on refinancings, a market that had heated up thanks to historically low interest rates.
"While interest rates remain very favorable by historical standards for homebuyers and lenders, the fast-paced consumer demand for mortgage refinancing we experienced throughout 2012 and early 2013 is slowing," bank spokesman Josh Dunn told The Charlotte Observer in an email message.
....
READ MORE: http://www.newsobserver.com/2013/08/22/3127433/wells-fargo-to-lay-off-2300-mortgage.html##storylink=cpy
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