Wells Fargo to lay off 2,300 workers, including 48 in Raleigh and 284 in Charlotte
By CHRISTINA REXRODE AP Business Writer
NEW YORK Wells Fargo is laying off workers from its mortgage unit, the latest sign that the mortgage refinancing boom has cooled.
The San Francisco-based bank said it sent 60-day notices to about 2,300 mortgage employees on Wednesday. The layoffs will be at "locations across the country," the bank said in a statement, and a spokesman declined to give details.
The bank will lay off 48 workers in Raleigh and 284 in Charlotte as part of a broader effort to reduce its mortgage staff as demand for refinancings slows. Higher interest rates on mortgages have put a damper on refinancings, a market that had heated up thanks to historically low interest rates.
"While interest rates remain very favorable by historical standards for homebuyers and lenders, the fast-paced consumer demand for mortgage refinancing we experienced throughout 2012 and early 2013 is slowing," bank spokesman Josh Dunn told The Charlotte Observer in an email message.
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