Lender is laying off 36 employees in its Charlotte-area mortgage operations
The cuts are part of 182 Wells announced nationwide, including 40 in Raleigh
Banks nationwide continue to pare their mortgage work forces
Wells Fargo on Wednesday announced it is laying off 36 mortgage employees in Fort Mill and Charlotte, as lenders nationwide continue to pare their mortgage workforces.
The cuts are part of 182 the company announced nationwide, Wells Fargo spokesman Josh Dunn said. Of those, 40 were in Raleigh, the only other market in the Carolinas affected, he said.
The San Francisco-based lender attributed the cuts to a decline in delinquent home loans, falling foreclosure rates and lower demand from homeowners to refinance mortgages.
Other banks, including Charlotte-based Bank of America, have announced layoffs of mortgage staff in recent years because of similar trends.
Dunn said in a statement that the layoffs were made after “carefully evaluating market conditions and consumer needs.” Affected employees were given 60 days’ notice, he said.
“The decision to reduce our work force is made with great concern for the team members who are affected,” Dunn said.