Some mortgage staff made redundant at big US bank

Wells Fargo Co has signalled it will cut 2,300 jobs from its mortgage-production unit in California. The bank has decided on the move because higher interest rates are cutting demand for refinancing. Over 11,000 mortgage loan officers are employed by the Wells Fargo Co bank in San Francisco. Mortgage lending has been slowing and is likely to do so for the foreseeable future with higher …

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