- Declining demand for refinancing has Wells Fargo (WFC) announcing more than 2.3K job cuts nationwide today. It's the 4th - and by far the largest - round of of cuts since June.
- Included are 365 jobs in Birmingham, Alabama where employees were given 60 days notice today.
- That the mortgage division is not doing great isn't new news (see Q2 earnings), and management insists as some divisions within the bank struggle, others improve.
- Earlier: Continued soft refinance application numbers from MBA.