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Wells Fargo (WFC) is laying off 2,300 mortgage jobs nationwide as the result of flagging demand for mortgage refinancing.
August 21 -
Bank of America became the latest bank to announce major mortgage layoffs.
August 30 -
JPMorgan Chase (JPM) is laying off roughly 600 mortgage banking employees in Colorado and South Carolina, according to local news reports.
August 8 -
The Pittsburgh company's incoming chief executive, Bill Demchak, promised to follow the strategy laid out by current CEO Jim Rohr and avoid a race to the bottom for commercial loans.
April 17 -
PNC Financial Services (PNC) plans to close 200 branches this year, or 6.5% of its domestic network, as part of a broad push to cut costs.
March 6
Add PNC Financial Services Group (PNC) to the list of banks slashing their mortgage staffs.
The Pittsburgh bank notified employees this week that they were being let go due to a sharp decline in mortgage lending, a spokeswoman said. The company did not disclose the number of jobs it is cutting or which locations would be most affected.
"We continuously adjust our staffing to meet the cyclical demands of our business," said a statement provided by the spokeswoman. "Currently, PNC is responding to industry trends and lower refinance volume by reducing some mortgage positions."
The $295 billion-asset PNC has seen its residential mortgage business slip this year. For the first six months of the year, it earned $240 million in residential mortgage net interest income and fees, a 25% decline from the same period in 2012. But its home loan originations rose 27%, to $8.9 billion.
News of the layoffs was first reported in the Pittsburgh Business Journal. Other large banks, including
The staff cuts coincide with a broader effort by PNC Chief Executive William Demchak to reduce expenses. Demchak said in April that he was
