SAN BERNARDINO >> Wells Fargo this week announced it had served layoff notices to more than a hundred employees working at a mortgage financing division in San Bernardino.
The cuts comes as a result of market changes, including improvements in delinquency and foreclosure rates and reduced demand for mortgage financing, said Wells Fargo spokesman Gary Kishner.
“After carefully evaluating market conditions and consumer needs, we are reducing 122 team members to better align with current volumes,” according a statement from spokesman Gary Kishner.
Kishner said the company is committed to retaining as many team members as it can and is working to identify other opportunities within Wells Fargo for affected employees “wherever possible.”
The affected employees were based out of the Home Mortgage Servicing – Asset Management and Preservation Group, at 1003 E. Brier Drive in San Bernardino, said company spokesman Gary Kishner. Kishner said there are no other affected Wells Fargo operating units within the region.
Employees received a 60-day notice under federal law, and will receive pay and benefits through Jan. 17, Kishner said.
“If they are unable to find another positions internally,” Kishner said, “they may be able to participate in the company’s salary continuation plan for separation benefits based on years of service within the company.”
John Husing, chief economist for the Inland Empire Economic Partnership business advocacy group, said he wasn’t surprised by the announcement.
“What we’re seeing is the mortgage sales have not kept up with the other parts of the economy,” Husing said. “There are less distressed sales to handle, and home sales in general have been relatively flat.”
