Wells Fargo recently laid off about 60 of its employees from the bank’s giant mortgage division.
The bank laid off about 40 people from a group that inspects the quality of mortgage and another 20 market lending managers across the U.S., according to an article by Emily Glazer for The Wall Street Journal.
From the article:
The bank also let go roughly 20 market lending managers across the country as part of broader operational changes, these people said. Those moves followed regulatory investigations related to improper customer charges in the mortgage division, the people familiar with the layoffs said.
However, company spokesman Tom Goyda didn’t mention anything about the company’s recent changes, saying simply that the bank, “announced a small number of job reductions within our fulfillment and underwriting teams and always are evaluating our overall staffing levels.”
The layoffs do not appear to be any kind of scale back by Wells Fargo, which is the largest U.S. mortgage lender by volume. The bank announced it is currently working to hire more than 1,500 people for a variety of mortgage-related roles.
The bank faced a number of issues over the last year, including saying back in October that it planned to refund more than 100,000 borrowers who were improperly charged for rate lock extensions from Sept. 16, 2013, through Feb. 28, 2017.
It is unclear if the layoffs are related to these issues.