Wells Fargo announced its Fort Mill mortgage office will lose 100 employees, according to an article written by Caroline Hudson for Charlotte Business Journal.
The bank claims “market changes” and an effort to “to better align with current volumes” motivated the layoffs, according to Hudson’s reporting.
From the article:
“The decision to reduce our workforce is made with great concern for our team members. Wells Fargo Home Mortgage is committed to retaining valued team members and, where possible, we will work to identify other opportunities within Wells Fargo,” the bank says in a statement.
Former employees are eligible for pay and benefits through Aug. 19. If they aren’t able to find another position at the bank, the employees may be eligible for a continued payment plan based on the number of years employed there, according to Wells Fargo.
In June of this year, Flagstar Bancorp announced it is acquiring 52 Wells Fargo company branches, and extending job offers to 490 team members. These branches are located in Indiana, Michigan, Ohio and Wisconsin.
The sales are a part of Wells Fargo’s plans to reduce its retail bank branches by about 5,000 by the end of 2020 through consolidations and divestitures.