Wells Fargo To Cut 2,300 Mortgage Jobs As Refinancing Slows

 Wells Fargo & Co, the largest mortgage lender in the United States, will cut 2,300 jobs in its home loan business because fewer customers are refinancing as interest rates rise, according to an internal memo reviewed by Reuters.

The cuts would represent around 3.3 percent of the bank's consumer lending employees, the bank said. Although the bank does not disclose how many of its staff work in home loans specifically, Wells Fargohad over 11,000 mortgage loan officers on its payroll at the end of March.