Wells Fargo cutting more mortgage jobs

DENVER – Wells Fargo and Co. is cutting 925 jobs in its mortgage departments across the nation – including 11 in Denver – as the home-refinancing business tapers off.

San Francisco-based Wells Fargo (NYSE: WFC) hopes to find jobs for those 11 people elsewhere in the company, said Cristie Drumm, a Wells Fargo spokeswoman in Denver. Wells Fargo bank branches in Boulder and Broomfield counties will not experience job cuts, Drumm said.

Even though national mortgage lending rates remain low, the bank has had “much lower volume” in 2013 on home refinancing loans than it did in 2012, Drumm said. The company reported $20.5 billion in revenue in the quarter ended Sept. 30.

In all, Wells Fargo has sent layoff notices to 6,511 people nationwide since July 18, according to media reports. In Denver, the company said it would lay off 100 workers in September and 118 in August, according to media reports.


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