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Wells Fargo Cutting Another 925 Jobs

Consumer demand for mortgages is down


wells fargo sign building 630More pink slips are going out at the nation’s largest provider of mortgage loans.

On Wednesday, Wells Fargo indicated that it would trim 925 workers from its mortgage lending unit. The cuts will distributed across operations nationwide. The bank attributed the layoffs to reduced consumer demand for mortgage refinancing, the Star Tribune noted.

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The new round of cuts marks the fourth time the bank has trimmed its mortgage unit staff since the summer. Interest rates have risen this year, reducing consumer demand for new mortgages and making refinancing existing mortgages less attractive.

In August, the bank announced that it would eliminate 2,300 jobs from its mortgage lending division.

Wells Fargo joins a number of other companies that have recently announced hefty layoffs. Last month, banking rival Citigroup (C) announced that it would cut 1,000 workers from its mortgage operations.

Earlier in the summer, Cisco (CSCOsaid it would lay off 4,000 workers, roughly 5% of its global payroll.

Shares of Well Fargo rose slightly in Thursday morning trading.

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