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Wells Fargo expects drop in mortgage originations
NEW YORK (MarketWatch) -- Wells Fargo & Co. is expected to post a decline in mortgage originations in the third quarter and will continue to cut jobs, according to a report in The Wall Street Journal. Chief Financial Officer Tim Sloan said the bank expects about $80 billion in third-quarter mortgage originations, compared to $112 billion in the second quarter. Well Fargo has eliminated 3,000 positions since July and will continue to cut jobs, he said in remarks at an analyst conference Monday. Wells Fargo shares were down 0.7% in recent trade.
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