Report: Wells Fargo to Cut 2,300 Production Jobs

""Wells Fargo"":https://www.wellsfargo.com/, the nation's biggest mortgage lender, is reportedly getting set to cut more than 2,000 production jobs in response to the drop in refinance demand.

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According to a report from ""Bloomberg"":http://www.bloomberg.com/news/2013-08-21/wells-fargo-said-to-eliminate-2-300-mortgage-jobs.html, ""people with knowledge of the matter"" said the bank is removing 2,300 jobs--about 20 percent of its 11,406 loan officers as of March 31.

In its story, Bloomberg cited an internal memo written by Franklin Codel, head of mortgage production at Wells Fargo, in which he noted that refinances have fallen to nearly half of total loan share--down from 70 percent in the year's first half. As a result, Codel said, the bank has ""had to recalibrate [its] business to meet customers' needs.""

The shift reflects the lender's ""focus on purchase business and strengthening our Realtor and builder partnerships"" to build momentum in local markets, Codel added.

In a statement to Bloomberg, company spokesperson Jennifer Temple said the laid-off workers have received 60 days' notice, and the firm will seek to retain as many as possible by moving them to other jobs.