Wells Fargo, a global banking firm, has reportedly announced slashing of approximately 468 jobs from its home mortgage division’s Homewood office in Birmingham, US.

Explaining the rationale behind the new round of job cuts, the bank said that the demand for payment assistance from homeowners whose properties faced the possibility of foreclosure has considerably decreased.

The new job cut represents 39% of the 1,192 jobs in the bank’s Wildwood Parkway offices.

Wells Fargo spokesman Jay Lawrence was quoted by AL.com as saying that, "Our Wildwood facility will remain open and 724 Wells Fargo team members working for a variety of business units will continue working there.

Lawrence further told the publication that the bank will have a total of nearly 1,400 staff in metro Birmingham after the layoffs.

The affected employees were given 60 days notice and may qualify for additional severance pay, depending on their service period. The company is also planning to move as many as possible to other jobs within the company.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

"Wells Fargo is committed to retaining as many of these valued team members as we can and, where possible, we will work to identify other opportunities for them within Wells Fargo," Lawrence added.

In August 2013, Wells Fargo announced elimination of 365 jobs in the Homewood office.