Wells Fargo is planning to lay off 1,000 jobs and close its home-lending servicing office in Milwaukee, Wisconsin.
The move comes as the lender has witnessed the sharp decline in delinquent payments with fewer customers requiring assistance staying in their homes over the last two years.
However, the closure will not impact Wells Fargo’s Milwaukee-area business and commercial banking operations, and it will continue to offer assistance to borrowers facing financial hardship.
The bank will close its office in Wisconsin in late July and will keep employees informed about other job opportunities within the company.
The cut will represent a small portion of the bank’s employee base, which is roughly consists of 265,000 staffs in total.
The San Francisco-based bank said: "Any decision to reduce our workforce is difficult and made with great concern for the team members who are affected. We made this announcement today so our team members will have several months to plan for this change."