Wells Fargo also announced the reduction of workers-Bloomberg
2022.12.01 14:33
Wells Fargo also announced the reduction of workers-Bloomberg
Budrigannews.com – According to sources familiar with the banks’ plans, Bloomberg News reported on Thursday that Wells Fairgo Co. fired hundreds of mortgage market employees around the world.
The housing market began to come under pressure due to high inflation and a rapid increase in mortgage rates, as the cost of buying a home increased, which affected the market, which flourished last year.
As a result of the aggressive monetary policy tightening campaign conducted by the US Federal Reserve and refinancing, it turned out to be under pressure. Wells Fairgo NYSE has already reduced its mortgage portion by a thousand in recent cuts. According to a Bloomberg report this year.
In a letter to Reuters , the Bank said: “We regularly check and change staffing levels depending on market conditions and the needs of our business process,” but did not specify how many employees or divisions were affected. “In June, JPMorganChase Co. NYSE, the largest bank in the United States by assets, also began to reduce salaries in its mortgages division.”
