JOB CUTS: More Wells Fargo Layoffs
Last week it was 58 jobs in the Des Moines metro and Thursday news Wells Fargo will cut even more jobs was released.
According to Bloomberg News, Wells Fargo is withdrawing from eight joint-venture mortgage brokerages and cutting 300 jobs in the process. Those cuts are being made company-wide.
A spokesperson says new state and federal requirements have made the brokerages “unworkable.”
Wells Fargo isn’t saying when the layoffs will take place or if any Iowa workers will be affected.
The layoffs come as Wells Fargo celebrates record revenue.
During April, May, and June of this year Wells Fargo reported a net income of $5.5 billion. That’s up nearly 20-percent from 2012.
Wells Fargo is also seeing an increase in mortgages with $800 billion in total loans during the past three months.