Wells Fargo has the largest exposure to the US housing market of any big bank, and as the housing market has now rolled over, expect more layoffs, but don't think the layoffs will remain isolated to mortgage lending only.
Everyone forget 2008 already?
https://www.reuters.com/article/us-usa-mortgages-jobs/u-s-mortgage-industry-faces-job-losses-as-refinancing-dries-up-idUSKCN1MS1U0
When 2007/2008 happened, every bank and mortgage lending institution was in trouble. There were massive layoffs and branch closures. Then, came the lawsuits from FNMA, Freddie Mac, etc due to Massive mortgage fraud. The government forced BOfA to buy the biggest holder of toxic loans, Countrywide. Then, they turned around and sued them over and over again. BofA got wise and reduced their mortgage portfolio exposure. Wells Fargo used then used that opportunity to step forward and become the biggest mortgage lender. Sure, they tightened their lending guidelines but the market is turning once again only this time they are the largest target. The recent scandals haven’t helped either.
There is still a lot if toxic debt in those mortgage loans. It couldn't happen to a better bank.
Mortgage jobs always come and go with rate fluctuations. When rates are low people buy and refinance. Especially refinance. When rates go up refinancing slows down and jobs dry up.
Good let them go under and executives imprisoned.