BENGALURU – Wells Fargo & Co laid off hundreds of mortgage bankers this week as part of its recent strategic shift, CNBC reported on Wednesday, citing people with knowledge of the matter.

The layoffs affected top producers, including bankers who exceeded US$100 million (S$134 million) in loan volumes last year and some who attended an internal sales conference for high achievers, the report added.

In an e-mailed statement to Reuters, Wells Fargo said there were “displacements” across its home lending business in alignment with previously announced strategic plans and a decrease in mortgage volumes.

The reported job cuts add to a slew of layoffs seen across most big banks that are trying to streamline operations following a slowdown in dealmaking activity, weakening economic growth and rising interest rates.

The affected workers this week include home loan consultants, who work across the United States and are compensated mostly on sales volume, the report said. REUTERS