Wells Fargo Lays Off 444 In Subprime Unit

Wells Fargo & Co. is eliminating an additional 444 jobs in their subprime lending division, which stems from their recent decision to tighten up their mortgage lending underwriting guidelines. They cut loose about 70 positions earlier this year. See Wells Fargo cuts jobs, in the Monterey Herald

This news comes on the heels of a layoff of between 400 and 600 at Argent Mortgage Company, see When mortgage workers are axed; watch your back (The Journal News), and a layoff of about 350 people at NovaStar Financial Inc., see NovaStar will cut work force 17 percent (The Kansas City Star).

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