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Annie Baxter
ST. PAUL, Minn.

Wells Fargo cuts 300 jobs in Twin Cities

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Wells Fargo is cutting more than 300 positions at its Twin Cities Home Mortgage.

The layoffs are part of 1,900 cuts nationwide announced today by the bank, which is responding to a changing marketplace for home loans.

Although mortgage interest rates are still low, they've climbed over the past few months, which has led to a drop in refinancing activity.

Wells Fargo spokeswoman Peggy Gunn said lower refinancing volumes prompted the bank to "respond to this change in demand and increase the efficiency of our organization."

Wells Fargo has announced a total of about 500 layoffs from its Twin Cities mortgage unit over the past few months.