Wells Fargo will close its home lending servicing office in Milwaukee and eliminate 1,000 jobs, saying fewer homeowners are falling behind on payments and seeking help keeping their homes.
Employees at the office work with U.S. residents who were behind on their home loan payments. In an emailed statement, Wells Fargo & Co. said Wednesday that as the economy has improved over the last two years, fewer customers have become delinquent on their payments, and fewer customers have needed assistance to stay in their homes. The company says it will continue to offer assistance to borrowers facing financial hardship.
Wells Fargo will close the office in late July. It says it will inform employees of other job opportunities within the company.
Wells Fargo said the Milwaukee office is one of its smaller loan servicing sites. About 48,000 people work for the company’s home lending business. The San Francisco company has about 265,000 employees in total.
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U.S. employers have added more than 5 million jobs over the last two years and the U.S. economy grew in seven of the last eight quarters covering 2013 and 2014, although there are some signs that growth has gotten weaker in 2015.
Wells Fargo shares slipped 51 cents to $54.84 in afternoon trading, but have risen 12 percent over the last 12 months.