A trade union claims that several hundred mortgage layoffs disclosed last week by Wells Fargo & Co. are being driven by an expansion of its overseas work force.

On Thursday, the San Francisco-based bank-holding company announced that it would lay off 638 home-lending employees across the country.

The Communications Workers of America union says the layoffs come as Wells Fargo has been expanding its call centers in the Philippines — announcing 7,000 new jobs last year.

Source: Mortgage Daily