Wells Fargo laying off more workers in Tempe

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By Catherine Holland By Catherine Holland

PHOENIX (AP) -- Wells Fargo is laying off more workers in Tempe due to the decline in mortgage-refinancing volume.

It is the company's second job reduction in two months.

Wells Fargo says the 176 job reductions are part of 1,865 nationally, all involving mortgage-related positions.

According to an Arizona newspaper, some of the displaced employees could find jobs in other areas of the company.

Wells Fargo also is giving affected workers 60 days' notice.

Last month, Wells Fargo says it planned to lay off 292 Arizona workers and 2,323 across the nation as a result of the refinancing downturn.