PORTLAND – Layoff notices went out to 17 employees at Wells Fargo’s home mortgage center in Portland Wednesday, totaling 92 layoffs in the bank’s Portland mortgage department since August.
Wells Fargo closely monitors fluctuations in the home-lending market and with rising interest rates, fewer people are refinancing their homes, said Portland Wells Fargo spokesman Tom Unger.
The employees were cut from the bank’s mortgage processing center near the Portland International Airport at 9600 NE Cascades Parkway, which still employees some 278 people, and according to the Portland Business Journal is the dominant mortgage lender in the area.
Unger said Wells Fargo gave the employees a 60-day notice where they will still be getting pay and benefits. He said the bank hopes to find other positions for them within the company.
In August the bank announced it was laying off 2,300 workers nationwide.
On Friday, Oct. 11, Wells Fargo reported record quarterly net income of $5.6 billion, which was up 13 percent from the previous year.