--Wells Fargo & Co. laid off hundreds of mortgage bankers this week as part of its recent strategic shift, CNBC and Bloomberg report, citing people familiar with the matter.

--The layoffs included a few bankers who surpassed $100 million in loan volumes last year, according to CNBC, while Bloomberg reports that the cuts affected more than 500 employees.

--The cuts are in alignment with plans Wells Fargo announced in January to create a more focused home-lending business, the company told both CNBC and Bloomberg.

Full stories: https://www.cnbc.com/2023/02/22/wells-fargo-lays-off-mortgage-bankers-days-after-rewarding-some-with-california-retreat.html

https://www.bloomberg.com/news/articles/2023-02-22/wells-fargo-cuts-more-than-500-mortgage-staff-on-strategy-shift?sref=cvDKYV7o

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

February 23, 2023 07:02 ET (12:02 GMT)

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