And as a result, just one year after cutting more than 1,000
jobs from its mortgage business, Wells Fargo is now reportedly preparing to
staff back up to keep up with the current mortgage environment.
According to Reuters, “many” of the hires will be in Des
Moines, Iowa and Minneapolis, both of which were impacted by the layoffs of
The Reuters report stated that the staffing plans are “fluid,” and noted that the bank did not place a specific number on its hiring push. Regardless, Wells Fargo appears to be back in expansion mode after a year of cuts.
Last year, the bank revealed that it planned to cut as many as 26,500 of its employees over the next few years as the bank works to reorganize itself.
Among those cuts were more than a thousand people in the
company’s mortgage division.
In August 2018, it was reported that the bank was laying off 638 mortgage lending employees in different parts of the country. Earlier that year, the bank announced it was laying off 100 employees at a North Carolina mortgage office, and another 63 mortgage employees at a Maryland office.
And in November 2018, the bank said that it would be eliminating 900 jobs in the company’s home lending division. According to the bank, the cuts were due to “ongoing decreases in the number of customers in default who as well as declines in application volume.”
Of those 900 job cuts, approximately 400 were in Des Moines.
But now, Wells Fargo is hanging a metaphorical “help wanted” sign and hiring again.