Wells Fargo ( WFC) 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. The bank's 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) recently closed its deal with NewAlliance. 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 Hartford Business.
Capital One ( COF) 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) 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 Financial News. >>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: Maria Woehr. To follow the writer on Twitter, go to http://twitter.com/newsgirlmw. To submit a news tip, send an email to: firstname.lastname@example.org.