Kimberry Pitt
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Kimberry Pitt in Kimberry Pitt,

Another 1800 cut for Well Fargo

Well Fargo & Co (WFC), the leading mortgage loan bank, just confirmed that it will cut 1800 mortgage production staff due to the near future tapering of QE bond purchase will lead to the higher interest and it will negatively impact consumer's demand for mortgage refinancing so mortgage lending will eventually slow down. The revenue is decreasing, of course Well Fargo need to trim its expenses. Well Fargo's share was down 0.8% after the announcement.

I think it's not just Well Fargo that effect from this volatile market, other banks also get this effect. Now I wonder that tapering QE will be good for our economy? Are people will loose their jobs more? Tapering QE will happen sooner or later but how are we getting ready for this change?