Business & Real Estate

Wells Fargo lays off 190 Rancho employees as mortgage operations contract

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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.

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