Wells Fargo Cuts 332 More Twin Cities Jobs

The bank said the eliminations are due to a decline in mortgage refinancing activity, and it announced plans to cut 1,865 jobs nationwide—332 of which are reportedly in the Twin Cities—in its third wave of job cuts since July.

Wells Fargo & Company is laying off an additional 1,865 home mortgage employees nationwide—332 of whom work in South Minneapolis and Bloomington—a move that was driven by the decreasing volume of mortgage refinancing, according to media reports.
 
The recent round of job cuts marks the third time in recent months that Wells Fargo has restructured its staff. In July, the bank trimmed 356 positions from its home mortgage division nationwide, 34 of which were in Minneapolis, before cutting another 2,323 jobs nationwide, 161 of which were in Minneapolis, in August.
 
Bank spokeswoman Peggy Gunn told local media that the company is “committed to retaining as many team members as possible, and [is] working with them to identify other opportunities within Wells Fargo.”
 
Meanwhile, Gunn told the Star Tribune that the job cuts do not affect Wells Fargo’s “continuing evaluation of the Ryan project,” referencing the bank’s interest in occupying office space in the proposed $400 million redevelopment project spearheaded by Ryan Companies.
 
Wells Fargo, which is based in San Francisco, is among Minnesota’s 10 largest employers and operates 211 branch, home mortgage, and advisor offices in the state.