Wells Fargo will cut 1,000 jobs because consumers don't need as much home loan service help

Economic IndicatorsAssociated Press

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.

In an emailed statement, Wells Fargo & Co. said Wednesday that as the economy has improved over the last two years, it has received fewer delinquent payments, and fewer customers have required assistance staying in their homes. The company says it will continue to offer assistance to borrowers facing financial hardship.

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Wells Fargo will close the office in late July. It says it will inform employees of other job opportunities within the company.

The San Francisco company has about 265,000 employees. Its shares slipped 64 cents to $54.71 in afternoon trading, but have risen 13 percent over the last 12 months.