Layoff 2023: Wells Fargo lays off mortgage bankers

American multinational financial services company WELLS Fargo & Co has reportedly laid off hundreds of its employees.

As part of its recent strategic shift, the financial firm has sacked its mortgage banker.

According to CNBC, the displacement has happened at WELLS Fargo’s home lending business.

To streamline operations following a slowdown in dealmaking activity, weakening economic growth and rising interest rates banks have been slashing their workforce.

Earlier, JPMorgan slashed around 30 investment bank jobs in Asia-Pacific recently. Most of those affected are junior-level bankers. The cuts impact bankers both with a regional and China-focused remit. The move comes as investment banks seek to reduce costs globally.

Goldman Sachs Group and Morgan Stanley have also cut jobs in China and around the world as investment banking revenue has slumped.