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Wells Fargo Cuts 150 Local Jobs

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(Photo by Justin Sullivan/Getty Images)

(Photo by Justin Sullivan/Getty Images)

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CHARLOTTE, N.C. (AP) — Wells Fargo will lay off about 150 workers in the Charlotte area as the company’s home mortgage refinancing business slows.

The cuts announced Wednesday come after the bank laid off more than 280 workers in Charlotte last month.

Rising interest rates have slowed home mortgage refinancing across the country.

Bank of America recently eliminated about 2,000 jobs across the country in its mortgage unit.

Wells Fargo spokeswoman Christine Shaw said the 150 workers were given 60-day notices Wednesday. Shaw said 48 workers in Raleigh were also given layoff notices.

She says most of those being laid off work as mortgage loan processors. Shaw says the bank will try to find other jobs for the employees.

(© Copyright 2013 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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