Wells Fargo, the country's biggest mortgage issuer, will add to its personnel who process mortgage loans in anticipation of higher loan volume, according to a memo viewed by Reuters. How many workers Wells Fargo will hire was unclear.
Just a year ago, the bank axed about 1,000 workers in the division, as higher interest rates depressed the housing market.
A lot of the new Wells employees will work in Des Moines and Minneapolis, according to the memo. Many of last year's layoffs came in those cities, according to Inside Mortgage Finance.
The hiring spree could dent Wells Fargo' cost-cutting efforts, Reuters notes. The bank said in July that costs next year won't fall as previously expected.
The San Francisco bank has brought on thousands of workers to improve risk management and deal with a number of scandals.
The bank's share price rose 1% on Thursday to $48.65. It's down 4.6% year to date.
This article is commentary by an independent contributor. At the time of publication, the author held zero positions in the stocks mentioned.