Wells Fargo is set to reduce its workforce in the mortgage department by 77 employees in North Texas as the company witnesses continuous decrease in the volume of mortgage refinances.
Out of the total layoffs, about 71 cuts will be seen in Irving office, which is shutting down its mortgage refinance operations, while the remaining six will be in Bedford unit.
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The bank has already issued a 60-day notice period to 925 employees across the country in the mortgage department.
Well Fargo was quoted by Dallas Business Journal as saying that it is committed to retain as many team members as possible, working with them to identify other opportunities within the bank.
According to a Worker Adjustment and Retraining Notification letter, the lender has cut 125 jobs in the North Texas region since August 2013.
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By GlobalData
