US banking major Wells Fargo has unveiled plans to lay off 490 mortgage employees nationwide due to changes in the housing market.
The market changes bringing about the redundancies include improvements in delinquency and foreclosure rates, as well as the reduced demand for mortgage financing.
The move will affect 34 employees in North Carolina along with 130 in South Carolina.
All the affected staff will be eligible to get pay and benefits through December 19 of this year.
The lender further said that it will work to retain affected employees within the company, if possible.
"The decision to reduce our workforce is made with great concern for the team members who are affected. Wells Fargo is committed to retaining valued team members and, where possible, we will work to identify other opportunities within Wells Fargo," Wells Fargo spokesperson Alfredo Padilla said.