Wells Fargo Lays Off 330 from Mortgage UnitWednesday, August 21, 2013
Wells Fargo Bank is laying off 330 employees from its mortgage business in its Costa Mesa and Santa Ana offices.
The move is driven primarily by “slower demand for mortgage refinancing,” according to a bank spokesperson.
Consumer demand for refinancing is “slowing somewhat, and internally, the company had to reevaluate the current market and our business plans,” she said.
Employees will collect pay and benefits for the next 60 days, and the bank is expected to help place the workers in other positions within the bank.
Operations will continue at the two Orange County locations, according to the spokesperson.
San Francisco-based Wells Fargo, with $1.44 trillion in assets as of June, is the fourth-largest bank and the largest mortgage servicer in the U.S. It’s the largest bank by deposits in OC, with about $16.8 billion held in its 106 locations throughout the county.
The news follows JPMorgan Chase & Co.'s move to cut 245 jobs from its mortgage business unit in Irvine earlier this month.