Wells Fargo Bank lays off 43 in Omaha area

[Omaha Steve]

http://www.omaha.com/article/20131017/MONEY/131018832/1685#wells-fargo-bank-lays-off-43-in-omaha-area

By Russell Hubbard

Wells Fargo Bank said Thursday that it had eliminated 43 jobs in the Omaha vicinity, or about 6 percent of the company’s workforce in the area.

Spokeswoman Cristie Drumm said the positions were in mortgage loan processing and underwriting.

“We made this decision as the result of less mortgage refinancing volume than we experienced last year and during 2013,” Drumm said. “After taking a look at the current market conditions and our business needs, we are reducing positions to respond to this change in demand and better align and increase the efficiency of our organization.”

Wells Fargo, based in San Francisco, employs about 700 people in the metro area and about 1,200 in Nebraska, Drumm said. The company operates 21 branches in the metro area and has 13.4 percent of the deposits, good for second place.

FULL story at link.

[libdem4life]

1. When the housing industry is in trouble, the ripples are ominous. It means real estate brokers and

their staff are in trouble. Home equity starts to decrease, people can't sell or move or change jobs.

For the mortgage/banking market, these are not minimum wage jobs and some of them take years to come back as those still employed are forced to carry even more load without pay.

Builders don't take out building permits for new projects even if they wanted to, construction workers are idled as construction financing dries up. Projects already started are stalled and short-term financing runs out.

[Southside]

2. That is a lot hardship in your post

Especially about the jobs not coming back. This housing crash did a lot of damage, it is a shame we are too divided to effectively work our way back.

[libdem4life]

3. Went through it twice....1980 and 2006. The harm to families and businesses, especially young

families and new or small businesses was terrible. Way way beyond the "harm to the American People" of the ACA they falsely claim.

[Southside]

4. Your resiliency is inspiring

Takes a lot of pain to motivate politicians, wish they would stop with the ineffective band aids. All my best to you.

[libdem4life]

5. Thanks...just life experiences.