Wells Fargo cuts 1,900 jobs as refinancings slow

[Viva_La_Revolution]

Source: Reuters

(Reuters) - Wells Fargo & Co (WFC.N) said on Thursday it is shedding about 1,900 jobs, or less than 1 percent of its total workforce, as mortgage refinancings slow.

The San Francisco-based lender said notices went out March 23 giving the employees 60 days to find new jobs. Some will be reassigned in the company, spokesman Jason Menke said.

A majority of the jobs were temporary, created last year when refinancings surged due to record-low interest rates.

"They were hired during the last several months to assist us with application volumes," Menke said. "We had seen a significant increase in demand for mortgage refinancings throughout 2010."

Read more: http://www.reuters.com/article/2011/04/07/us-wellsfargo-layoffs-idUSTRE7367XY20110407?WT.tsrc=Social%20Media&WT.z_smid=twtr-reuters_%20com&WT.z_smid_dest=Twitter

[Blaq Dem]

1. Didn't they just made huge profits recently?

I'm pretty sure the upper management will continue to receive their bonuses. These people have absolutely no respect for workers.

[glinda]

2. More profits. Getting ready for 2012 elections.

[xchrom]

3. recommend

[grilled onions]

4. Shedding Jobs

What a sad description that is about many who will not be able to find a job,will have problems paying rent/mortgages,buying essentials for their families etc. It may be shedding to those who keep their jobs but it's much closer to slashing for those who now have to find another job in an impossible job market.

[OverDone]

5. The mess continues

Its sad that this is going on everyday and alot of people just don't care. I don't know the final ending, but we are a mess.

http://www.dailyjobcuts.com