Mass Layoffs At Wells Fargo As A Result Of Slumping Housing Market

Mass Layoffs At Wells Fargo As A Result Of Slumping Housing Market

Whether due to the collapse of its “reputable” public image following a relentless barrage of client scandals, the Fed’s recent historic crackdown on the company due to its culture of fraud, or simply because the US housing market has sharply rolled over, last quarter we showed that Wells Fargo reported the worst set of mortgage numbers since the financial crisis, with both Mortgage Applications…

… and Mortgage Originations tumbling to levels not seen in a decade.

And since for Wells Fargo, the one-time largest mortgage lender in the US until it was overtaken by Quicken Loans, the housing business has always been its bread and butter, we asked how long the bank would be able to last without engaging in mass, across the board, layoffs.

The answer: roughly over 4 months.

On Friday, Wells Fargo announced it was cutting 638 mortgage employees as the nation’s largest home lender is hit by a crippling slowdown in the business.

“After carefully evaluating market conditions and consumer needs, we are reducing to better align with current volumes,” Wells Fargo spokesman Tom Goyda said in an emailed statement according to Bloomberg.

More here…

~

4closureFraud.org

Comments
One Response to “Mass Layoffs At Wells Fargo As A Result Of Slumping Housing Market”
  1. Joi says:

    No, it’s because GOD is avenging for the people whom houses Wells Fargo fraudulently stole. Payback is a mother. I see another bank closing….No sympathy from me.

Leave a Reply