Wells Fargo cut “hundreds” more mortgage employees across the country. 

Bloomberg reported the reductions, citing anonymous sources. The bank has already slashed thousands of jobs this year, as mortgage volumes continue to drop due to the toxic combination of high rates and high prices. 

“We regularly review and adjust staffing levels to align with market conditions and the needs of our businesses,” a representative for Wells Fargo said in a statement.

Back in October, Chief Financial Officer Mike Santomassimo told investors that he expects the mortgage business to “remain challenging in the near term.”

CNBC reported last month that the bank had about 18,000 loans in its retail origination pipeline over the first few weeks of the fourth quarter, down nearly 90% from a year earlier.

Bloomberg reported in August that the bank decided to pivot its strategy to become the largest mortgage business in the industry, and instead back off from mortgages.

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