DES MOINES — Wells Fargo & Co. said 58 workers in its home mortgage division in Des Moines have received layoff notices.
Company spokeswoman Vickee Adams said Thursday that the layoffs are a reflection of the cyclical nature of the business. Employees were notified Wednesday.
Increasing home loan rates have slowed refinancing.
Adams said some workers may find other jobs within the company.
Wells Fargo posted a profit of $5.27 billion on Friday, 20 percent higher than the same period a year ago.
Copyright 2013 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.