Wells Fargo job cuts likely hit all markets

CHARLOTTE — Wells Fargo & Co. is laying off employees in home lending, with analysts saying the cuts were likely across all markets.

San Francisco-based Wells Fargo confirmed the layoffs, issuing the following statement: “The home lending displacements last week were the result of cyclical changes in the broader home-lending environment. The employees affected by these changes have each been an essential part of our success. We are carrying out displacements in a transparent and thoughtful manner and providing assistance, such as severance and career counseling.”

The bank also said it wants to retain as many employees as possible and “will do everything we can” to help some of those affected identify other opportunities within the organization.

Wells Fargo did not provide details on how many employees were affected and where. Also unclear is which positions were cut. However, it is likely the layoffs reached local operations. The bank has a robust mortgage division here. In 2018, Wells Fargo laid off hundreds in Charlotte and Fort Mill, also citing market conditions.

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