Wells Fargo is laying off nearly 500 workers from its mortgage servicing team in the Birmingham area, officials announced Thursday.
Bank officials said in a statement that 468 employees in Homewood are being let go because fewer of the bank's home loan customers need payment assistance or are facing foreclosure.
Employees are being given a 60-day notice and may be eligible for severance pay depending on how long they've been with the company, officials said. The bank is also providing job counseling and will work to find other opportunities within the company for the laid-off workers.
"Our decision was made with great concern for the team members who are affected. They have been an essential part of our success in home preservation. The team members at Wildwood alone helped save thousands of homes. We are very grateful for their service," bank officials said in a statement.
The Birmingham-area layoffs are part of 481 positions that are being eliminated nationwide. Birmingham is the headquarters of the bank's mid-South region.
The facility the mortgage servicing employees are being laid off from will remain open and 724 employees are expected to continue working there, officials said.