Wells Fargo cuts hundreds of jobs in mortgage business - Bloomberg News
Dec 1 (Reuters) - Wells Fargo & Co (WFC) has cut
hundreds of jobs in its mortgage business across the country,
Bloomberg News reported on Thursday citing people familiar with
the bank's plans.
Higher inflation and rapidly rising mortgage rates have
started to weigh on the housing market as buying homes becomes
costlier, hitting what was until last year a booming industry.
Refinancing has also come under pressure due to the U.S.
Federal Reserve's aggressive monetary policy tightening
campaign.
The latest reductions in the lender's mortgage unit add to
thousands already made by Wells Fargo (WFC) this year, the Bloomberg
report said.
The bank did not immediately respond to a Reuters request
for comment on the report.
In June, JPMorgan Chase & Co, the largest U.S. bank
by assets, had also started laying off employees in its mortgage
business.
(Reporting by Manya Saini in Bengaluru; Editing by Krishna
Chandra Eluri)
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