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Wells Fargo laying off more mortgage workers in Charlotte

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    Wells Fargo’s CEO received a bonus of $1 million in restricted stock as part of his 2013 compensation, the bank said Thursday.

    John Stumpf received 21,702 shares on Tuesday, the bank said in a securities filing. The shares closed Tuesday at $46.08.

    The award gives a glimpse of Stumpf’s total 2013 compensation. More details on his total pay, including any cash bonuses, will be disclosed in the bank’s annual proxy filing, which is expected in March. Compensation for the bank’s other top executives will also be disclosed at that time.

    Stumpf’s 2012 compensation package was worth $19.3 million, including a base salary of $2.8 million. Tuesday’s bonus matched the $1 million in stock awarded to Stumpf a year ago. Deon Roberts



Wells Fargo is laying off 700 more mortgage workers across the country, including 25 in Charlotte, the bank said Thursday.

It’s the latest in a series of layoffs that have cost thousands across the financial industry their jobs as rising interest rates have dramatically slowed home refinancings. Hundreds of the cuts have landed in Charlotte.

Most employees who lost their jobs worked as mortgage processors and underwriters. Wells spokesman Josh Dunn said in a statement that the cuts were made to “better align with the market and increase the efficiency of our organization.”

Big banks rapidly increased their staffing in their mortgage units as historically low interest rates led homeowners to refinance their mortgages in droves. But as rates started to rise in spring 2013, demand declined precipitously. Wells Fargo’s mortgage banking income fell nearly 50 percent in the fourth quarter from the same period the year before, according to its most recent earnings report.

The San Francisco bank, which keeps its East Coast regional headquarters in Charlotte, had previously conducted mortgage layoffs in August, September, and October. Total job losses have reached at least 5,800 nationwide and 450 in Charlotte.

So far this year, Bank of America, SunTrust and Citigroup have also announced mortgage-related job cuts in Charlotte.

Dunn: 704-358-5235; Twitter: @andrew_dunn
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