Wells Fargo Cuts 1,865 Nationally, 332 in Twin Cities
File photo of Wells Fargo
Photo: MGN Online
Wells Fargo has announced plans to cut 332 jobs in the Twin Cities.
The company Wednesday, Sept. 18, confirmed the staff reductions in the Home Mortgage divison as a result of "lower mortgage refinancing volume" than expected in 2012 and this year, according to Peggy Gunn, a company spokeswoman.
After looking at the current market and the company's business needs, Wells Fargo made the cuts in response to the market's changes and to better align and increase the company's efficiency, Gunn said.
Similar reductions were made in various other cities - amounting to a total of 1,865 layoffs for mortgage team employees, she said.
"As always, we are committed to retaining as many team members as possible, and are working with them to identify other opportunities within Wells Fargo," Gunn said.
This is the third round of layoffs at the Home Mortgage division since July.
In July, there were 350 layoffs nationally, including 34 in the Twin Cities. In August, there were 2,300 layoffs nationally, including 160 locally.