Banking giant Wells Fargo is laying off an additional 27 workers in Raleigh as demand for refinancings continues to slow.
The 27 layoffs in Raleigh are part of a second round of cuts that will eliminate 1,865 positions nationwide, Wells Fargo Spokesman Christine Shaw said Wednesday.
Last month the San Francisco-based bank announced that it was laying off 2,323 workers in the U.S., including 48 in Raleigh. The two rounds of layoffs are also resulting in the elimination of 434 positions in Charlotte.
Higher interest rates on mortgages have put a damper on refinancings, a market that had been expanding thanks to historically low interest rates. The workers whose jobs are being eliminated in Raleigh work in consumer loan processing, where they handle both initial mortgages and refinancings.
“As rates are going up, we continue to see less refinancing volume coming in so we’re having to adjust the business model,” Shaw said.
Shaw said the bank hopes to retain some of the affected employees by finding jobs for them in other lines of business.
Wells Fargo employs about 4,100 people in all of its businesses lines in the region that includes the Triangle and Eastern North Carolina.
“We’re absolutely committed to the market,” Shaw said. “This is just one piece of the business where we’re seeing demand down.”