published Friday, August 23rd, 2013

Business Briefs: Wells Fargo to cut staff

Wells Fargo to cut staff

Wells Fargo & Co., the biggest U.S. home lender, plans to cut 2,300 jobs in mortgage production, including 365 jobs at the company's offices in Birmingham, Ala. The San Fransisco-based bank said demand for refinancing loans has dropped and is likely to slow as interest rates rise. The cuts comprise about 20 percent of Wells Fargo's mortgage lending staff. Franklin Codel, head of mortgage production for Wells Fargo, said loan demand has fallen in half.

"We've had to recalibrate our business to meet customers' needs -- and to ensure we're operating as efficiently and effectively as possible," Codel wrote in a memo to employees. "Unfortunately, displacements within our team are necessary."


Traynor to head Chattanooga Combined Federal Campaign

TVA Senior Vice President Dan Traynor will chair this year's Combined Federal Campaign, the fundraising drive for federal employees in the 21-county Chattanooga region. Traynor, head of TVA's information technology division in Chattanooga, will help kick off the 2013 campaign on Sept. 17 with the theme, "Neighbors helping neighbors." Last year's campaign raised more than $1.9 million for local and national charities.

"Federal employees in this area have always given generously to the CFC in both their time and money," Traynor said. "They know the impact their gifts can have in benefiting their neighbors and communities."

about Staff Report...

Get breaking news from the Times Free Press on Twitter at www.twitter.com/timesfreepress or by visiting us on Facebook or Twitter at the right:

videos »         

photos »         

e-edition »

advertisement
advertisement

Find a Business

400 East 11th St., Chattanooga, TN 37403
General Information (423) 756-6900
Copyright, Permissions, Terms & Conditions, Privacy Policy, Ethics policy - Copyright ©2014, Chattanooga Publishing Company, Inc. All rights reserved.
This document may not be reprinted without the express written permission of Chattanooga Publishing Company, Inc.