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Wells Fargo has a giant mortgage processing division with floors of people who have nothing to do since there are few new mortgages and virtually no refinance activity.

They are likely actively looking for people to fire.

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It’s weird though, because that is literally what layoffs are for. Maybe trying to get under the press radar, since folks will start freaking out if they announce layoffs?

There are laws like the WARN act that companies would prefer not to deal with.

It would also expose information about their deal volume which they’d rather not disclose probably, unless they have no choice. Impacts to stock price and the like.

Could also cause a crash in the industry, which they’d rather not start.

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