Wells Fargo & Co. on Wednesday notified 80 workers in Greater Des Moines and a total of 700 nationwide that they would lose their jobs due to an anticipated decline in mortgage loans, a spokeswoman said today.
Wells Fargo will help the workers find jobs within the company or assist in their job searches, said spokeswoman Angela Kaipust. "Mortgage application volume declined significantly in the last six months of 2013, and we currently expect mortgage origination volume to decline in the first quarter, reflecting seasonality in the purchase market and lower (refinance) volumes," she said.
Wells Fargo employs more than 13,000 people in Greater Des Moines, making it the area's largest employer. The company has terminated about 560 jobs in its credit card, consumer loan and mortgage operations since July 1, Kaipust said.