Wells Fargo Confirms People Can Lose Jobs For Things Other Than Malfeasance

It can also be because Wells Fargo sucks.
Image adapted from Flickr User Aranami.

Image adapted from Flickr User Aranami.

I mean, sure, the 60 people who used to work in the mortgage division but now do not sort of lost their jobs due to malfeasance. But it was otherpeople’smalfeasance, so, you know.

The San Francisco-based bank laid off around 40 people in recent weeks in its group that inspects the quality of mortgages, an area that has been affected by changes in the approach Wells Fargo uses to review customer files, some of the people said.

The bank also let go roughly 20 market lending managers across the country as part of broader operational changes, these people said.

Now, you may think, as we did, that cutting back on the quality control at the mortgage department amidst, well, everythingingeneral and the sale of these things in particular, might not be the best idea at the present time. But we’re sure Tim Sloan knows what he’s doing.

Wells Fargo Trims Staff in Its Giant Mortgage Unit [WSJ]