102 Employees Affected by Wells Fargo Layoffs

Updated: 10/18/2013 7:46 AM KSTP.com By: Leslie Dyste

Photo: Photo: MGN Online

More Wells Fargo employees in Minnesota are getting news that they're losing their jobs.

Wells Fargo officials confirm that they gave another 102 people layoff notices Wednesday. That's the fourth round of cuts in four months.

The last round of layoffs was in September when 332 jobs were cut in the Twin Cities.

The layoffs are mostly in the mortgage department where company officials say there is a lack of demand.

Wells Fargo released the following statement:

"While interest rates remain very favorable by historical standards for homebuyers, a recent rise in rates has affected consumer demand for mortgage refinancing, causing volumes to fall below what we experienced throughout 2012 and early 2013. We are reducing staff in Minnesota to respond to this shift in demand and to better align and increase the efficiency of our organization.

As a result, we’ve notified 102 team members in Minnesota of this decision today, providing them with a 60-day notice of displacement, effective immediately. In various other cities around the country, we provided 925 team members with the same staffing reduction notification. (That total includes the Minnesota number.)

As always, we are committed to retaining as many team members as possible, working with them to identify other opportunities within Wells Fargo."