Wells Fargo & Co. is slashing 638 jobs in its mortgage department.
The largest lender in the U.S. is responding to “market conditions and consumer needs”, as mentioned by its spokesman Tom Goyda. Amidst a rising interest rate environment, Wells Fargo's mortgage fees in Q2 2018 fell to their lowest level in more than five years. It is laying off employees in California, Florida, North Carolina and Colorado.