Wells Fargo lays off more mortgage employees

Wells Fargo laid off 126 consumer mortgage employees in St. Louis Wednesday, the St. Louis Post-Dispatch reports.

St. Louis is the latest to be hit with Wells Fargo layoffs of mortgage employees. The reductions come as the bank says higher interest rates are resulting in lower demand for homeowners to refinance. Therefore, there's not as much need for employees in that operation.

Nationwide, Wells is laying off hundreds who work in its mortgage operation. So far, no layoffs have been announced for Charlotte.

According to the Post-Dispatch story, the bank is offering the workers jobs elsewhere in the company.

Last month, The Des Moines Register reported that Wells Fargo told 350 mortgage and retail lending employees their positions are being eliminated.