A U.S. senator is demanding more information from the chief executive officer of Wells Fargo & Co. about mortgage job cuts in his state as the company outsources work overseas.

Earlier this month, the San Francisco-based bank-holding company revealed it would eliminate more than 60 jobs from an office in Frederick, Maryland.

Wells Fargo attributed the layoffs to a reduction in the number of real-estate-owned properties and mortgages in foreclosure


Source: Mortgage Daily