This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration. Need a new registration confirmation email? Click here
Wells Fargo(WFC - Get Report) is laying off 4,500 retail mortgage employees due to declines in mortgage revenue. Wells Fargo notified 1,700 people in early April that their jobs would be eliminated during the second quarter.
mortgage banking income fell $741 million from the fourth quarter of 2010 to $2.02 billion. As the bank improves its foreclosure practices as part of the foreclosure settlement and settles mortgage putbacks, it is possible more layoffs could follow.
"While we may reduce staff in some areas, we are also hiring in other areas. For example, in our annual report, it said we had 6,500 open jobs at the end of 2010. We are hiring," said a Wells Fargo spokesperson told
TheStreet of the layoffs.
First Niagara(FNFG - Get Report) recently closed its deal with
The NewAlliance deal is expected to result in 219 layoffs in Connecticut. CEO John Koelmel said that so far the integration has been on track.
It has been our smoothest conversion and initial integration," said Koelmel in an
interview with TheStreet.
Even though the bank is conducting layoffs in Connecticut, it is hiring in New York and wants to add 500 more employees by 2016, according to
Capital One(COF - Get Report) is laying off 62 customer service employees in its bank loss mitigation department at its office in Plano, Texas.
A spokesman told the Dallas Business Journal that the bank
is consolidating some of its operations in the Dallas-Fort Worth area.
Lloyds Banking Group(LYG - Get Report) is conducting layoffs as part of its ongoing restructuring of the business.
The bank recently laid off 325 employees as part of its "ongoing integration," according to
The Guardian. The latest cuts were in the business support functions and wholesale and group operations in the UK.
Lloyds may also be selling a majority stake in UK wealth management boutique, which could mean more bank layoffs, according to
>>To see these stocks in action, visit the
5 Banks With Looming Layoffs portfolio on Stockpickr.
--Written by Maria Woehr in New York.
To contact the writer of this article, click here:
To follow the writer on Twitter, go to
To submit a news tip, send an email to: