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Mass Layoffs at Wells Fargo and Disney-ABC

 
Mass Layoffs at Wells Fargo and Disney-ABC

Wells Fargo is cutting thousands of jobs from its mortgage-production unit as high interest rates lead to a lower rate of requests for refinancing. 

The San Francisco-based banking giant will look to eliminate 2,300 jobs from the unit, roughly 20 percent of the mortgage loan officers workforce.  Wells Fargo officials say they expect to see mortgage lending slow down significantly through 2013 as higher interest rates make it less attractive for folks to refinance.

The "Mouse House" is feeling the crunch of corporate restructuring.  The Disney-ABC Television Group is cutting 175 jobs.  Citing technological advances and changing viewer habits, the company said in a statement Wednesday that it was realigning certain areas to better position themselves for future growth. 

Layoffs are expected to affect operations and eight ABC-owned TV stations in major markets including New York, Los Angeles and Chicago.  Disney's ESPN unit also took a hit in job cuts earlier this year.

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