Articles Tagged with ''Wells Fargo''

Wells Fargo expects to cut as many as 26,500 jobs in the next 3 years

Company reveals planned headcount reduction of between 5%-10%
It’s been a rough few years for Wells Fargo and the next few years won’t be much better, for as many as 26,500 of the bank’s employees. That’s because the bank announced Thursday that it expects to see a reduction in headcount of as much as 10% of the company’s workforce in the next three years. The company currently has approximately 265,000 employees, meaning as many as 26,500 could be out of a job by 2021.
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Homebuilder confidence holds its ground

Although cost causes concern, demand is persistent
Although homebuilders still fear increasing material costs, homebuilder confidence remained unchanged at 67 in September, according to the National Association of Home Builders/Wells Fargo Housing Market Index.
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U.S. Bank promotes Manuel Rodriguez to San Diego's market president

Rodriguez will direct commercial banking
U.S. Bank recently announced it promoted Manuel Rodriguez to its market president for the San Diego market. U.S. Bank Executive Vice President and Head of Commercial Banking Elliot Jaffe said the company is pleased to expand Manuel’s leadership within the bank, as he is well positioned to help lead the market.
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Trump threatens additional $267 billion tariff on Chinese goods

Could further harm residential construction
On Friday, President Donald Trump announced plans to impose a $267 billion tariff on Chinese goods, further escalating an unprecedented trade war. The National Association of Home Builders Chairman Randy Noel said implementation of the tariffs could potentially disrupt an already struggling residential construction industry.
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August jobs report: Unemployment holds steady at 3.9%

Non-farm payrolls increased by 201,000
The unemployment rate in August remained at 3.9%, according to the latest Employment Situation Summary report from the U.S. Bureau of Labor Statistics. One economist said the 9 year high in wage growth ensures the federal government will raise rates at their meeting later in September.
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[Listen] HousingWire bids adieu to two mortgage lending titans

David Stevens and Brad Blackwell reflect on their lending careers
September marks the first official retirement days of two mortgage lending titans. In an exclusive interview with Jacob Gaffney, David Stevens, former head of the Mortgage Bankers Association, and Brad Blackwell, former EVP of housing policy and homeownership growth strategies at Wells Fargo Home Lending, reflect on their careers, friendship and where they think the industry is headed.
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Freddie Mac: August forecast shows affordability hinders growth

Supply and demand deter prospective homebuyers
Home sales growth is expected to slow through the remainder of the year, as a lack of affordability and supply contribute to a continual slowdown, according to Freddie Mac’s August Forecast. Freddie Mac Chief Economist Sam Khater said these challenges were predominantly seen in expensive markets out West.
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Wells Fargo to lay off 638 mortgage lending employees

Layoffs impact employees in four states
According to a recent report, Wells Fargo announced this week it will lay off 638 of its mortgage lending professionals in California, Colorado, Florida and North Carolina. The big bank said it is attributing the layoffs to market changes.
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Comeback kids: Is it time for the return of the joint-venture?

Relaxing regulations and competitive market conditions could bring favor back to the JV
The return of the joint venture might be nigh upon us. Last week, the Federal Reserve lifted its hand off of Flagstar Bancorp, terminating its Supervisory Agreement with the company. Could this be indicative of sea-change for the mortgage lending industry?
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