More Twin Cities jobs on the line as Wells Fargo scraps more mortgage joint ventures

Six months ago, Wells Fargo stepped away from a local mortgage joint venture, blaming new financial regulations. This week it dropped eight other shoes, canceling deals with several local mortgage firms, including HomeServices of America.

The Star Tribune reports on the move by the San Francisco-based bank, which is one of the country's biggest mortgage players.

The joint ventures were around the country, with HomeServices, owned by Berkshire Hathaway Inc., was the only local partner. But nearly half of the 300 or so affected jobs could come from Minneapolis, where Wells Fargo's mortgage unit has a big presence. (The bank hasn't said if it'll lay off those workers, and some could be relocated.)

Those moves are apparently in addition to layoffs this month that will cut 34 local workers.

Earlier this year, Wells Fargo closed a 200-person operation in St. Louis Park that it ran with St. Louis-based investment firm Edward Jones. The company said it ended the agreement after the Dodd-Frank financial legislation changed regulations relating to this kind of joint venture.

Mark Reilly manages daily and weekly coverage at the Business Journal newsroom.

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