Wells Fargo announced Friday it was laying off 100 employees in its Fort Mill mortgage operation — the bank's latest cuts to that business.
The San Francisco-based bank attributed the layoffs to declines in foreclosures and origination volumes as mortgage rates rise. It also cited tight supplies of homes for sale, which has hurt nationwide demand to buy houses.
Other mortgage lenders have made similar cuts in recent years to adjust to rising mortgage rates and fewer foreclosures.
"The decision to reduce our workforce is made with great concern for our team members," Wells Fargo said in a statement. "After carefully evaluating market conditions and consumer needs, we are reducing 100 team members to better align with current volumes."
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Wells Fargo would not say how many employees it has in the Fort Mill operation.
Other parts of the Carolinas also were affected by Friday's cuts.
Nine employees were laid off in Raleigh and six in Columbia, spokesman Josh Dunn said. He said he was not aware of other cuts elsewhere in the U.S.
Wells Fargo has announced similar layoffs of Fort Mill mortgage staff in recent years.
In September, it said it was closing a reverse-mortgage servicing operating unit, a move impacting 120 jobs in Fort Mill.
Wells Fargo, whose largest employee hub is Charlotte, also has announced job cuts affecting other business lines in recent months.
In March it said it planned to lay off 593 workers in Pitt County in eastern North Carolina, a move it attributed to adjustments to its auto-lending operations.
Dunn said all of the employees affected by Friday's announcement are eligible to receive pay and benefits through Aug. 19.
Wells Fargo will work where possible to identify other job opportunities at the bank for the employees, he said.
Wells Fargo is the third-largest U.S. bank by assets. It has 25,100 employees in the Charlotte metropolitan area.