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Martin Moylan
ST. PAUL, Minn.

Wells Fargo cuts 161 Twin Cities mortgage jobs

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Wells Fargo Home Mortgage is letting some 2,300 workers go, including 161 in the Twin Cities. While interest rates are still low for home buyers, a recent rise in rates has slowed consumer demand for mortgage refinancing, the company said.

In response, the lender is reducing its staff. Wells Fargo says it will try to find other jobs within the company for employees affected by the layoff.

Wells Fargo employs about 20,000 people in Minnesota.