Nation's Largest Mortgage Provider Downsizes

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Wells Fargo has told 1,800 employees their services will no longer be needed in the bank's mortgage unit. The bank already cut more than 2,000 jobs in that unit last month. Wells Fargo cites lower demand for refinancing because of higher mortgage rates.

STEVE INSKEEP, HOST:

NPR's business news begins with downsizing at the nation's largest mortgage provider.

(SOUNDBITE OF MUSIC)

INSKEEP: Wells Fargo told 1,800 employees their services will no longer be needed in the bank's mortgage unit. The bank already cut more than 2,000 jobs in that unit last month. Wells Fargo cites lower demand for refinancing because of higher mortgage rates.

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