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Wells Fargo Announces Job Cuts. The Mortgage Damage Could Total 3,097 Positions

September 21, 2018.. By Paul Muolo.. [e-mail]



Wells Fargo, the nation’s largest home lender and servicer, said it will reduce its full-time workforce by as many as 26,500 jobs over the next three years, as regulatory scrutiny and business conditions weigh on its bottom line.

Overall, Wells is forecasting a companywide reduction in force of five to 10 percent.

The megabank is not commenting on how the cuts might affect specific business units. A company spokesman told Inside Mortgage Finance, "As you know, however, we have been eliminating positions – primarily in retail and default servicing – for some time as application volume and the number of customers in default have declined.”

At the end of August, Wells employed 30,972 mortgage team members. If the 10 percent figure is applied to that number, 3,097 residential finance positions could disappear within three years.

During the first half of 2018, Wells had an origination market share of 11.2 percent, according to figures compiled by Inside Mortgage Finance. JPMorgan Chase was a distant second at 5.3 percent. Wells had a servicing market share of 14.2 percent at June 30.