Wells Fargo to Lay Off Dozens from Rancho Bernardo Office

Wells Fargo plans to lay off 2,300 employees nationwide, including dozens from its Rancho Bernardo and Sorrento Valley offices, according to the San Diego Business Journal.

"A marked decline in mortgage refinancing occurred in the last three months following an increase in mortgage interest rates by lenders in reaction to speculation that the Federal Reserve Bank will begin reducing massive purchases of federal government bonds, which would have the effect of pushing up interest rates," according to the report.

A spokesman told the Journal that 87 of the layoffs were expected to affect employees at the Rancho Bernardo and Sorrento Valley locations. USA Today reported that the company sent 60-day layoff notices to 2,300 employees in its mortgage division across the country, a portion of the 70,000 workers in its consumer lending division.