Wells Fargo Cuts 1,000 Jobs Across the U.S. on Mortgage Woes

(Bloomberg) -- Wells Fargo & Co. is cutting about 1,000 jobs across its consumer-lending and tech-payments units as part of a much larger workforce reduction announced earlier this year.

Approximately 900 of the positions will come from the San Francisco-based bank's home-lending unit, company spokesman Tom Goyda said in an emailed statement, as higher interest rates and heightened competition cut into Wells Fargo's mortgage originations. Des Moines, Iowa, and Fort Mill, South Carolina, are among the areas affected.

The cuts are part of Wells Fargo's effort “to focus our business on evolving customer preferences, the accelerating adoption of digital self-service capabilities, and operational excellence and efficiency,” Goyda said.

Earlier this year, Chief Executive Officer Tim Sloan said he plans to trim the workforce by as much as 10 percent in three years as part of his efforts to streamline operations. As of Sept. 30, the bank had 261,700 employees, according to a regulatory filing.

Reuters reported the cuts earlier Thursday.

To contact the reporter on this story: Hannah Levitt in New York at hlevitt@bloomberg.net

To contact the editors responsible for this story: Michael J. Moore at mmoore55@bloomberg.net, Steve Dickson, Dan Reichl

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