Wells Fargo cuts another 332 mortgage jobs in Twin Cities

  • Article by: Jennifer Bjorhus , Star Tribune
  • Updated: September 19, 2013 - 9:36 AM

The bank said the new Twin Cities staffing cuts don’t affect its interest in the Ryan Cos. project near the planned Vikings stadium.

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grunmpyscatzSep. 18, 13 3:29 PM

More proof that the housing industry and real estate is booming.

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darkcircleSep. 18, 13 3:34 PM

This is another example of a company that is cutting jobs to save over funded projects and high income salaries. How can you justify a multi-billion dollar project with Ryan companies and then turn around and cut thousands of jobs? I can see a pattern.

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mmediaSep. 18, 13 4:13 PM

I apologize to the workers as I have abandoned them because we paid off our mortgage early to get out from WF's greedy and abusive policies. The staff were usually good people but WF's policy of an inflated fee tacked on to anything and everything really soured the relationship. But at least the executives are protected!

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zekefaxSep. 18, 13 4:14 PM

Whether the layoffs are done piecemeal or not employee morale is still effected. Your friends and in some cases family members or neighbors are now stuck without a job, this is not a pleasant experience for anyone. Wells and some of the other large mortgage banking companies generally hire hundreds of temporary or contract employees, I wonder if all of these people have already been let go and these jobs represent actual employees cut?

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bruiser2Sep. 18, 13 4:30 PM

Barack and Joe are in the left lane doing 40. The current administration knows less about economics than your average pizza delivery man. This is what happens when you attack private business at every level, darkcircle, don't be surprised if job cuts are the result.

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cks1950Sep. 18, 13 4:31 PM

And the Fed can't taper because the economy isn't strong enough to stand on it's own. Now, I'm ready for the blamer to tell us again just how things are improving.

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tallbobSep. 18, 13 5:30 PM

bruiser2: What in heck are you talking about? Barack and Joe have nothing to do with this! Mortgage co's and real estate in general was over leveraged in 2005-08, and all we've seen in the last 3-4 years is merely a "rebound" of prices and a shift in what the demographics are, which is people want to live in a smaller less costly environment! IE., look at all the apartment construction in the TC's! Also, don't over-look the bloated salaries and bonuses for these executives. They pay for these by getting rid of a lot of employees! Bruiser2... as your moniker suggests, you've been hit in the head one to many times!!

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tallbobSep. 18, 13 5:32 PM

bruiser2: What in heck are you talking about? Barack and Joe have nothing to do with this! Mortgage co's and real estate in general was over leveraged in 2005-08, and all we've seen in the last 3-4 years is merely a "rebound" of prices and a shift in what the demographics are, which is people want to live in a smaller less costly environment! IE., look at all the apartment construction in the TC's! Also, don't over-look the bloated salaries and bonuses for these executives. They pay for these by getting rid of a lot of employees!

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wa0tdaSep. 18, 13 5:37 PM

@bruiser2: "Barack and Joe are in the left lane doing 40. The current administration knows less about economics than your average pizza delivery man." That must be why the stock market is at an all-time high today. What WF does is not driven by Administration policy.

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albundy74Sep. 18, 13 5:37 PM

I went to Wells Fargo mortgage for two homes, each time walking away at the laughable rate they quoted me and likewise fees on top of it. Go to Wells Fargo, then go to a mortgage broker and see the difference.

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