It’s been a year of transition for Wells Fargo after a series of scandals in its consumer banking business. The company’s paid billions of dollars in penalties and just announced it’s cutting 900 jobs in its mortgage division. The job cuts are part of a big restructuring plan the bank announced back in September, with over 26,000 jobs on the chopping block. But that’s not the whole story. Average interest rates on a 30-year mortgage are hovering near 5 percent. And as rates go up, people just aren’t taking out as many mortgages.

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