As the U.S. economy has improved over the last two years, the bank said it has received fewer delinquent payments and fewer customers have required assistance staying in their homes.
Wells Fargo & Co. has announced it will cut 1,000 jobs and close its home-lending servicing office in Milwaukee.
“As the economy has improved over the last two years, we have seen steady declines in delinquencies and fewer customers needing extra assistance to remain in their homes,” the San Francisco-headquartered bank said in a statement about the layoffs.
Wells Fargo’s Milwaukee location focused largely on troubled mortgages, a segment of the market that rose rapidly after the mortgage collapse of 2008, according to USA Today.
The bank, which will close the office in late July, said it will inform employees of other job opportunities within the company, the bank said.
About 48,000 people work for the company's home lending business. Wells Fargo’s total workforce includes about 265,000 employees.
Wells Fargo shares slipped 51 cents to $54.84 in Wednesday afternoon trading, but have increased 12% over the last 12 months.
“As the economy has improved over the last two years, we have seen steady declines in delinquencies and fewer customers needing extra assistance to remain in their homes,” the San Francisco-headquartered bank said in a statement about the layoffs.
Wells Fargo’s Milwaukee location focused largely on troubled mortgages, a segment of the market that rose rapidly after the mortgage collapse of 2008, according to USA Today.
The bank, which will close the office in late July, said it will inform employees of other job opportunities within the company, the bank said.
About 48,000 people work for the company's home lending business. Wells Fargo’s total workforce includes about 265,000 employees.
Wells Fargo shares slipped 51 cents to $54.84 in Wednesday afternoon trading, but have increased 12% over the last 12 months.
