Wells Fargo to cut 1,900 jobs from mortgage unit

SAN FRANCISCO

Most of the layoffs will be in mortgage processing and servicing. The banks say many of the employees were short term hires because of the cyclical nature of the mortgage business.

Loan applications slipped to $73 billion at the end of last year compared with $101billion in the third quarter. The job losses are less than one percent of the bank's workforce.

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