Wells Fargo to cut 365 jobs in Birmingham area

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Wells Fargo to cut 365 jobs in Birmingham area
http://www.timesfreepress.com/news/2013/aug/22/wells-fargo-cut-365-jobs-birmingham-area/

by Associated Press

BIRMINGHAM, Ala. — Wells Fargo officials say they plan to eliminate 365 positions in Alabama. ... Company executives told WBRC-TV that the jobs are within its mortgage department in the Birmingham area.

The company says the decision was the result of decreasing demand for home refinancing across the nation.

Company officials say they will share any open positions within Wells Fargo with the affected employees.

They say that if an employee is unable to find another job within Wells Fargo, the company will provide separation benefits. Those benefits include health insurance and salary continuation based on service with Wells Fargo.

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1. Wells Fargo Said to Eliminate 2,300 Mortgage Jobs

The loss of 365 jobs was for Birmingham alone. Nationwide, the loss is more than that.

Wells Fargo Said to Eliminate 2,300 Mortgage Jobs
http://www.bloomberg.com/news/2013-08-21/wells-fargo-said-to-eliminate-2-300-mortgage-jobs.html

By Dakin Campbell & Jeff Kearns - Aug 22, 2013 12:21 PM ET

Wells Fargo & Co. (WFC), the biggest U.S. home lender, will eliminate 2,300 jobs in mortgage production because demand for refinancings has slumped and probably will drop more as interest rates rise.

Other smaller cuts were made in the past few weeks around the country, said people with knowledge of the matter, who asked for anonymity because the changes haven’t been publicly disclosed. The reductions would equal about 20 percent of the firm’s 11,406 mortgage loan officers employed as of March 31.

Wells Fargo has said mortgage lending will slow for the rest of this year as higher interest rates make refinancing less attractive. Those loans, which made up 70 percent of the mortgage market during the first half, slid to about 50 percent of applications recently and could fall further in coming months, Franklin Codel, head of mortgage production for the San Francisco-based bank, said in a memo to staff yesterday.
....

Largest Employer

Wells Fargo was the largest employer among U.S. banks at midyear with about 274,000 people. The workers whose positions are being cut received 60 days’ notice yesterday and the firm is seeking to retain as many as possible by placing them in other jobs, said Jennifer A. Temple, a company spokeswoman.