Wells Fargo has announced that it will lay off hundreds of employees in its mortgage division as part of a round of strategic shifts that have triggered layoffs, Reuters reports. Thousands of employees have been laid off in the last year as the company exits what was once a dominant business.

　　Sources close to the situation said the latest layoffs affect more than 500 employees. Wells Fargo announced a new strategic direction for the company last month. In a statement, Wells Fargo said the company has aligned its residential lending business with this strategy in response to a significant decline in the number of mortgages in the broader market environment.

　　Wells Fargo is exiting parts of the US mortgage market, while rising interest rates have caused loan volumes to plummet and several banks such as Wells Fargo and JPMorgan Chase have laid off thousands of people in mortgage-related operations in the last year, the report said.

　　According to Bloomberg, global consulting giant McKinsey & Company plans to cut about 2,000 jobs, one of the largest layoffs the company has ever made. The job cuts are expected to focus on middle and back office staff who have no direct contact with clients, mainly involving teams such as human resources and technology. The firm, which has seen rapid growth in headcount over the past decade, is looking to restructure the way its middle and back office teams are organised to improve efficiency, people familiar with the matter said.

　　Goldman Sachs began a larger layoff program last month, cutting about 3,200 jobs. According to the Financial Times, Goldman Sachs chairman and chief executive David? Solomon said recently that he should have gone with his gut to cut jobs earlier. Sources close to the matter said that David? Solomon in Miami and Goldman Sachs about 400 partners held a private meeting, said the second quarter of last year began to appear unfavorable factors, "we should do more in slowing down hiring, reducing staff", but their own layoffs on the action is still too slow, if you can take action earlier, the final layoffs may not be The cuts might not have been so drastic.

　　Also according to Bloomberg, JPMorgan Chase will cut about 30 investment banking jobs in the Asia-Pacific region this week, affecting mainly junior bankers. A JPMorgan spokesperson based in Singapore said, "We regularly review our business needs and a small number of employees in the Asia Pacific region will be affected."

　　In addition, US-based Ford Motor Company announced last week that it plans to lay off 3,800 employees in Europe over three years in light of rising costs and the company's accelerated electrification transition. US media and entertainment giant Disney announced this month that it will lay off 7,000 employees worldwide, or about 3 per cent of its workforce, as part of its cost-cutting and strategic restructuring plan.