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.