Wells Fargo is cutting 2300 mortgage lending jobs:
Other smaller cuts had been made in the past few weeks in various sites around the country, according to the people, who asked not to be identified because the changes haven’t been publicly disclosed. San Francisco-based Wells Fargo was the largest employer among U.S. banks at midyear with about 274,000 people.
Wells Fargo has said the bank expects the pace of mortgage lending to slow for the rest of this year as higher interest rates cut into demand for refinancing.
Folks aren't buying homes, and now they aren't refinancing. "Recovery Summer", indeed.
