The Strategist

Wells Fargo fires hundreds of mortgage specialists

02/24/2023 - 04:47

As part of a recent strategy shift, Wells Fargo & Co. laid off hundreds of mortgage bankers this week. CNBC reported on this on Wednesday, citing informed sources.

Some of the most successful professionals, who had more than $100 million in loans in their accounts the previous year, and some employees who went to an internal sales conference for high-performing professionals were allegedly impacted by the cuts.

According to the bank's email to Reuters, "job cuts" in the mortgage lending department were made in accordance with previously disclosed strategic plans and a decline in mortgage lending volumes.

Most major banks are currently cutting staff as they attempt to streamline operations in the wake of a slowdown in deal activity, weaker economic growth, and increasing interest rates.


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