Wells Fargo lays off 190 Rancho employees as mortgage operations contract

Wells Fargo Bank announced Thursday that 190 employees have been cut from its Rancho Cordova mortgage loan division as part of a nationwide staff reduction.

The local cutbacks were just a portion of the 683 mortgage lending employees who were laid off nationally. All of those employees received 60-day notices on Thursday, Wells Fargo spokeswoman Yahaira Garcia-Perea said, adding that some may be offered other positions within Wells Fargo Home Mortgage.

The layoffs coincide with a nationwide slowdown in housing sales, a drop in the number of people who can afford a median-priced home in California and rising interest rates on mortgages.

This story was originally published August 23, 2018 at 3:20 PM with the headline "Wells Fargo lays off 190 Rancho employees as mortgage operations contract."