“The ax is falling again at Wells Fargo’s mortgage origination unit, as refinancing activity continues to slow. The bank on Wednesday sent 60-day notices of displacement to 1,800 employees across the country, citing a slowdown in activity throughout 2012 and early 2013. It’s unclear how much Wells Fargo—the nation’s largest mortgage provider—needs to rightsize to adjust to the new normal. The bank has already cut 3,000 jobs in origination and servicing, but activity has been bouncing around. Other Wall Street banks are making similar moves, as a sharp rise in rates has kept consumers from taking out or refinancing mortgages. JPMorgan laid off more than 2,000 employees in early August.”
http://www.cnbc.com/id/101048530
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