Wells Fargo To Lay Off More Than 600 Mortgage Employees

(RTTNews) - Wells Fargo & Co. is reportedly laying off 638 mortgage employees as the home lender continues to struggle with weak business.

"After carefully evaluating market conditions and consumer needs, we are reducing to better align with current volumes," Wells Fargo spokesman Tom Goyda said in an emailed statement, Bloomberg reports. "The decision to reduce our workforce is made with great concern for our team members."

The company has been struggling lately as mortgage application volume and originations continue to be weak as well as hurt by a lower number of clients in default.

The company is laying off in states including California, Florida, North Carolina and Colorado.

The affected employees were notified of the cuts Thursday and will receive pay and benefits through October 21, the lender said.