Wells Fargo Mortgage To Lay Off 40 Workers

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COLORADO SPRINGS, Colo. (AP) -- Wells Fargo Mortgage will lay off 40 Colorado Springs employees next month as a result of declining refinance revenues triggered by higher mortgage rates in recent months.

According to published reports, the layoffs are part of a nationwide cutback of 1,900 employees announced last month by the San Francisco-based banking firm.

Wells Fargo notified the Colorado employees Sept. 18, giving them 60 days' notice. The bank says it is trying to place as many workers as possible in open positions at other locations.