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Report: Wells Fargo to retreat from mortgage business

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Wells Fargo & Co. is planning a retreat from its mortgage business, people familiar with the matter told Bloomberg.

The sources said the shrinking of the company's mortgage business likely would start with outside firms that generated a third of its $205 billion in new home loans during 2021.

The move comes amid executive changes and attempts to avoid regulatory probes, according to the report.

Read more from Bloomberg.

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