Wells Fargo & Co. late Wednesday said it would shutter all of its 638 consumer finance stores and cease production of nonprime mortgage loans that went into the unit's portfolio. Roughly 3,800 full timers will lose their jobs.

At press time it was unclear how many nonprime loans the Wells Fargo Financial stores were producing but a statement issued by the bank said less than 2% of its real estate loans came from the division in the first quarter.

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