Wells Fargo lays off mortgage bankers — including some treated to ritzy California retreat

– including some high-performing bankers who had just been rewarded with a ritzy corporate retreat in Palm Desert, Calif.

The layoffs largely impacted Wells Fargo employees who earned most of their income based on sales volume, sources told the outlet. That included mortgage bankers and home loan consultants.Wells Fargo did not specify how many employees were laid off in the latest round of cuts.

The layoffs were confirmed weeks after Wells Fargo signaled plans to cut back on its mortgage services. The move came as the San Francisco-based bank faces ongoing scrutiny from federal regulators and a sharp downturn in the US housing market. The retreat from the mortgage market was a major reversal for Wells Fargo, which once ranked as the largest mortgage lender in the country. As recently as 2019, Wells Fargo had a lending volume of a whopping $201.8 billion.

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