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Wells Fargo layoffs hit mortgage operations

Wells Fargo & Co. has cut staff in its mortgage lending business as rates soared above 5% in recent weeks, putting the brakes on refinancings. The San Francisco bank (NYSE: WFC) declined to say Monday how many were laid off and in what roles and locations the cuts were made. “The home lending displacements last week were the result of cyclical changes in the broader home lending environment,” Wells Fargo spokesperson Edith Robles said in a statement.

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