San Diego Business Journal

Wells Fargo to Lay Off 24 Workers in Local Mortgage Unit

Thursday, October 17, 2013

Wells Fargo Bank, the nation’s largest mortgage lender, issued another job reduction notice, resulting in the elimination of 24 workers in its San Diego mortgage unit.

Wells Fargo, which operates 104 retail branches in the county and holds about a quarter of all the county’s deposits, said it notified 925 mortgage employees across the nation, including the 24 at its Sorrento Valley location, that their jobs were being cut due to the slowdown in the mortgage origination and refinancing volume.

“We are reducing staff in San Diego to respond to this shift in demand and to better align and increase the efficiency in our organization,” said spokeswoman Amy Savicky Injaian.

The latest job cuts follow a similar reduction that Wells Fargo undertook in August. All told, the bank has eliminated 113 people locally so far this year. Counting all its business operations, Wells Fargo has about 3,200 employees in the county.

— Mike Allen