Wells Fargo to cut 700 jobs across U.S.


CHARLOTTE, N.C. - Channel 9 has confirmed that Wells Fargo & Co. will be laying off 700 workers across the country.

About 25 of them will be from Charlotte, according to Josh Dunn, a local spokesman for the San Francisco-based bank.

"We are reducing staff as a result of the continuing changes in the demand for mortgage financing," Wells Fargo spokeswoman Peggy Gunn said in an email. "Mortgage application volume declined significantly in the last six months of 2013, and we currently expect mortgage origination volume to decline in first quarter of 2014, reflecting seasonality in the purchase market and lower [refinancing] volumes."

Wells said it will help affected workers find jobs elsewhere in the bank or provide assistance in finding a new employer.