Wells Fargo is laying off nearly 300 Valley employees as part of a nationwide effort to cut more than 3,000 mortgage-related jobs.
In a statement released Wednesday, Wells Fargo spokeswoman Lori Brown said:
"While interest rates remain very favorable by historical standards for homebuyers, a recent rise in rates has affected consumer demand for mortgage refinancing, causing volumes to fall below what we experienced throughout 2012 and early 2013. We are reducing staff in Tempe and Phoenix to respond to this shift in demand and to better align and increase the efficiency of our organization."
Brown said 291 workers in Tempe and one in Phoenix were notified of the decision Wednesday. All affected employees were given a 60-day notice of displacement.
According to the
Phoenix Business Journal, the bank notified about 2,300 employees nationwide they were out of a job. That's on top of the 763 workers already laid off earlier this month.
Wells Fargo spokesman Alfredo Padilla told the Phoenix Business Journal "all workers will have opportunities to secure other jobs within the company, but not if they're given severance packages based on years of employment after the 60-day period."
Padilla declined to say exactly where in Tempe and Phoenix the impacted workers are employed.