Wells Fargo mortgage staff brace for layoffs as U.S. loan volumes collapse

Mortgage volumes at Wells Fargo slowed further in recent weeks, leaving some workers idle and sparking concerns the lender will need to cut more employees as the U.S. housing slump deepens.

The bank had about 18,000 loans in its retail origination pipeline in the early weeks of the fourth quarter, according to people with knowledge of the company’s figures. That is down as much as 90% from a year earlier, when the Covid pandemic-fueled housing boom was in full swing, said the people, who declined to be identified speaking about internal matters.

The U.S. housing market has been on a roller coaster in recent years, taking off in 2020 thanks to easy-money policies and the adoption of remote…