Wells Fargo said Wednesday it is adding jobs in Charlotte as it cuts some commercial mortgage positions in Oakland, Calif.
The San Francisco-based bank said it is laying off 55 employees who work in Oakland and shifting those roles to Charlotte. Wells Fargo said the move will consolidate similar functions being performed in both cities.
The relocated jobs involve operations and loan administration functions in its commercial mortgage servicing operations. Plans call for Oakland to retain other commercial mortgage servicing functions, the bank said.
“Moving these functions to the Charlotte office will enable us to continue servicing customers in a more efficient way,” spokeswoman Shelley Beason said in a statement.
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Charlotte was already a key hub for Wells Fargo’s commercial mortgage servicing unit. Alan Kronovet, who heads the operation, sits in Charlotte.
Wells Fargo declined to disclose how many employees work in the Charlotte unit. But the bank said Charlotte housed more employees in the unit than Oakland.
Wells Fargo employs about 23,500 people in the Charlotte metropolitan area across various lines of business, making the region its biggest employment hub.
Like some other banks, Wells Fargo has been cutting other types of mortgage jobs in Charlotte and elsewhere in recent years. Those cuts have partly targeted employees dealing with troubled mortgages resulting from the housing downturn. Banks have been slashing their numbers of such loans, leading to less need for such staff.