Wells Fargo (WFC) to Trim Staff in Mortgage Unit
Tweet
Share
E-mailGet Alerts WFC Hot Sheet
Join SI Premium – FREE
Housing is taking a toll on top mortgage-issuing bank Wells Fargo (NYSE: WFC).
According to Bloomberg, a spokesperson for Wells said the bank would be cutting 925 jobs in its mortgage unit.
News comes as rates have been creeping higher over the past few months on speculation that the Fed would taper its bond-buying program and easy-money policies faster than previously expected. Despite no indication that would happen with the latest minutes, sentiment from the FOMC hints that a taper could happen soon, with QE3 ultimately coming to an end by the middle of 2014.
Shares of Wells are down in early trading. The company has over 270,000 employees, according to its latest quarterly report.
According to Bloomberg, a spokesperson for Wells said the bank would be cutting 925 jobs in its mortgage unit.
News comes as rates have been creeping higher over the past few months on speculation that the Fed would taper its bond-buying program and easy-money policies faster than previously expected. Despite no indication that would happen with the latest minutes, sentiment from the FOMC hints that a taper could happen soon, with QE3 ultimately coming to an end by the middle of 2014.
Shares of Wells are down in early trading. The company has over 270,000 employees, according to its latest quarterly report.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Wells Fargo (WFC) PT Raised to $102 at Morgan Stanley
- The next banking crisis may come from cyberattacks, not credit losses: JPMorgan
- Jersey Mike's Subs files for IPO on NYSE under ticker JMKE
Create E-mail Alert Related Categories
Insiders' BlogRelated Entities
Federal Open Market Committee, Wells FargoSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
