Wells Fargo to cut 700 mortgage jobs

NEW YORK (CNN) – Wells Fargo is cutting 700 mortgage jobs. The Wall Street Journal reports the move comes in response to a decline in demand in the home refinancing market.

The journal says Wells Fargo have slashed at least 6,900 jobs since July. The latest round of cuts focus on back-office operations, where employees process mortgage operations.

The journal reports a spokesman says the bank is monitoring the market to decide if any more job cuts need to be made.

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