Wells Fargo announced its Frederick, Maryland office will lose 63 mortgage employees by Aug. 19, according to an article written by Holden Wilen for Baltimore Business Journal.
Bank spokeswoman Christina Carmichael claims the decision was motivated by market conditions and consumer needs and will allow Wells Fargo “to better align with current volumes,” according to Wilen’s reporting.
From the article:
“At this time, we do not have plans for any additional layoffs in Maryland, but we are constantly evaluating customer needs, market factors, economic trends and competitor actions and this process leads to both expansion and reductions,” Carmichael said.
Wells Fargo is Greater Baltimore’s fourth-largest bank with $7.2 billion in local deposits as June 2017, according to the Federal Deposit Insurance Corp.
Wells Fargo has plans to reduce its retail bank branches by about 5,000 by the end of 2020 through consolidations and divestitures, and has announced the layoffs of employees in a couple of locations.
This isn’t the first round of layoffs for the big bank’s mortgage business either. Earlier this month, Wells Fargo announced its Fort Mill, North Carolina-based mortgage office will lose 100 employees. However, employees will be eligible for pay and benefits through Aug. 19.