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News Summary: Wells Fargo to cut 1,800 more jobs

The Associated Press

JOB CUTS: Wells Fargo said Thursday that it plans to lay off an additional 1,800 employees from its mortgage department, after cutting about 2,300 jobs from the same unit in August.

THE REASON: The San Francisco-based bank said that fewer people are refinancing their mortgages than it expected.

BIG PLAYER: Wells Fargo & Co. is the largest originator of residential mortgages in the U.S. and ranks as the nation's second biggest bank by deposits. It had more than 275,000 employees overall as of June 30.