The layoffs affect top producers, including bankers who exceeded $100 million in loan volumes last year.

The cuts came days after Wells Fargo rewarded top achievers with a retreat in Palm Desert, Calif., earlier this month.

In an emailed statement to Reuters, Wells Fargo said there were "displacements" across its home lending business in alignment with previously announced strategic plans and a decrease in mortgage volumes.

The reported job cuts add to a slew of layoffs seen across most big banks that are trying to streamline operations following a slowdown in dealmaking activity, weakening economic growth and rising interest rates.

The affected workers this week include mortgage bankers and home loan consultants, who work across the United States and are compensated mostly on sales volume, the report said.

Under CEO Charlie Scharf, Wells Fargo is pivoting from its goal of dominating the U.S. mortgage market to serving existing customers and minority communities, according to the CNBC report.

The latest round of cuts included bankers in the Midwest and East Coast.

When news of the impending layoffs leaked in June, executive recruiters began contacting top performers to try to poach them.

A Wells Fargo spokesperson says the bank is providing severance and career guidance to those who have been laid off.