Financial services giant Wells Fargo & Co. (WFC) plans to cut about 1,000 jobs and shut down its home-lending servicing office in Milwaukee, Wisconsin. The office adviced people who defaulted on their home loan payments.
The decision comes amid an improvement in the economic situation in the past two years, with the number of homeowners defaulting on their payments falling. Also, there are fewer homeowners who seek help to keep their homes.
Wells Fargo will close the office in July. The employees will be informed of other job opportunities within the company.
Earlier this year, Wells Fargo reported a slight increase in profit for the fourth quarter, boosted by higher net interest income reflecting loan growth.
Residential mortgage originations were $44 billion, down $6 billion from the year-ago period. The lender's mortgage banking non-interest income for the quarter declined 4 percent to $1.52 billion.
WFC closed down 1.5 percent on Wednesday at $54.54, and slipped 0.7 percent in Thursday's pre-market activity.
For comments and feedback contact: editorial@rttnews.com
Business News