Wells Fargo cutting 1,800 jobs in mortgage business: report

Reuters
A Wells Fargo bank is seen in Del Mar
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A Wells Fargo bank is seen in Del Mar, California January 17, 2012. REUTERS/Mike Blake

NEW YORK (Reuters) - Wells Fargo & Co. (WFC), the biggest U.S. mortgage lender, is cutting 1,800 jobs in its home-loan production business, Bloomberg reported on Wednesday.

The job cuts at the fourth-largest U.S. bank are in addition to 3,000 announced earlier this quarter, a spokesman told the news service.

Wells Fargo is eliminating jobs as rising rates slow mortgage refinancings and new home purchases fail to make up for the decline, the report said.

Wells Fargo was not immediately available for comment.

(Reporting By Nadia Damouni)

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