Wells Fargo Cuts Nearly 500 Mortgage Jobs

Approximately 500 employees in Wells Fargo’s mortgage business will go into the Christmas season without a job.

The Charlotte Business Journal reports that most of job cuts will occur in the metropolitan area serving Charlotte, N.C., with 34 people in North Carolina and 130 in South Carolina on schedule to be laid off. This area has already been hit hard with layoffs: last month, Wells Fargo laid off 36 mortgage bankers working from their offices in Charlotte and Fort Mill, S.C, while an additional 91 people in the Fort Mill mortgage operations lost their jobs in July.

The company, which is the largest mortgage lender in the U.S., will ensure that the employees facing unemployment will be eligible to get their salary and benefits through mid-December. Josh Dunn, a spokesman for the San Francisco-based lender, announced the layoffs while stating, “The decision to reduce our workforce is made with great concern for the team members who are affected. Wells Fargo is committed to retaining valued team members and, where possible, we will work to identify other opportunities within Wells Fargo.”