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WELLS FARGO & COMPANY

(WFC)
  Report
Delayed Nyse  -  04:03:08 2023-02-03 pm EST
47.58 USD   +0.74%
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Wells Fargo cuts hundreds of jobs in mortgage business - Bloomberg News

12/01/2022 | 01:41pm EST
FILE PHOTO: A Wells Fargo logo is seen at the SIBOS banking and financial conference in Toronto

(Reuters) - Wells Fargo & Co has cut hundreds of jobs in its mortgage business across the country, Bloomberg News reported on Thursday citing people familiar with the bank's plans.

Higher inflation and rapidly rising mortgage rates have started to weigh on the housing market as buying homes becomes costlier, hitting what was until last year a booming industry.

Refinancing has also come under pressure due to the U.S. Federal Reserve's aggressive monetary policy tightening campaign.

The latest reductions in the lender's mortgage unit add to thousands already made by Wells Fargo this year, the Bloomberg report said.

The bank did not immediately respond to a Reuters request for comment on the report.

In June, JPMorgan Chase & Co, the largest U.S. bank by assets, had also started laying off employees in its mortgage business.

(Reporting by Manya Saini in Bengaluru; Editing by Krishna Chandra Eluri)


ę Reuters 2022
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Analyst Recommendations on WELLS FARGO & COMPANY
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Financials (USD)
Sales 2022 74 261 M - -
Net income 2022 11 770 M - -
Net Debt 2022 - - -
P/E ratio 2022 15,5x
Yield 2022 2,31%
Capitalization 182 B 182 B -
Capi. / Sales 2022 2,46x
Capi. / Sales 2023 2,29x
Nbr of Employees 238 698
Free-Float 68,4%
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Mean consensus BUY
Number of Analysts 26
Last Close Price 47,58 $
Average target price 53,05 $
Spread / Average Target 11,5%
EPS Revisions
Managers and Directors
Charles William Scharf President, Chief Executive Officer & Director
Michael P. Santomassimo Chief Financial Officer & Senior Executive VP
Steven D. Black Chairman
Saul van Beurden Senior Executive VP & Head-Technology
Scott E. Powell Chief Operating Officer & Senior Executive VP