Wells Fargo cuts 300 jobs in Tempe - WFSB 3 Connecticut

Wells Fargo cuts 300 jobs in Tempe

(Source: Wells Fargo) (Source: Wells Fargo)

Roughly 2,300 Wells Fargo workers got news today that they no longer have a job.

Wells Fargo spokeswoman Lori Brown said 291 of the workers let go were working in Tempe, as well as one employee in Phoenix.

Brown said rising interest rates and notable declines in mortgage refinancing led to the layoffs.

"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," Brown said.

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