Wells Fargo announced the closure of a mortgage servicing site and the retirement of a longtime commercial banking executive Wednesday.
The company will lay off around 1,000 employees in Milwaukee as it closes the West Parkland Home Lending Servicing facility in late July. The site's closure will not impact Wells Fargo's banking stores or its other lines of business.
The site was primarily focused on assisting delinquent customers, a company spokesperson told National Mortgage News. Significant declines in delinquencies have led to reduced customer demand and shifting market dynamics, and therefore the site's closure.
San Francisco-based Wells Fargo said it would help affected employees by making them aware of other opportunities within the company.
Separately, Wells Fargo head of wholesale banking, Timothy Sloan, said in an internal memo that head of corporate banking, Mike Johnson, will retire at the end of the second quarter.
Johnson had worked for the $1.5 trillion-asset company for 32 years, the past six of which he spent in his current position. He also held positions within wholesale banking dealing with commercial real estate and capital markets.
The company has yet to announce a replacement for Johnson.