Wells Fargo said Tuesday it will relocate about 350 mortgage-servicing employees from uptown Charlotte to Fort Mill, S.C., in a move that shifts its servicing operations outside of Charlotte.
The San Francisco-based company, the largest U.S. mortgage lender, says it will continue to have other mortgage operations in Charlotte and elsewhere in the metropolitan area after the moves.
Affected employees work in a few buildings on South Tryon Street, Wells Fargo said. The company did not provide a complete list, but Three Wells Fargo, near the Bechtler Museum of Modern Art, is among them.
Relocated employees will work on Stateview Boulevard, where Wells Fargo already has a large mortgage operation. No layoffs are expected with the moves, which are expected to start early next year, the company said.
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The decision reflects “ongoing efforts to efficiently manage our office space” as well as to “enhance collaboration among team members,” Wells Fargo said in a statement. The company also said it reflects its efforts to consolidate mortgage-servicing activities at larger sites.
Wells Fargo said it will not be vacating uptown spaces where the employees worked.
The move is the latest example of changes to Wells Fargo’s mortgage operations in the Charlotte metropolitan area.
This year alone, Wells Fargo has laid off hundreds of mortgage employees across the metro area. In October, for example, the company announced plans to lay off 132 Charlotte-area employees.
Those cuts have come as other lenders in recent years trimmed mortgage staff nationwide amid declines in loan delinquencies. Mortgage staff has also been cut whenever increases in mortgage rates have caused falling consumer demand to refinance.
Wells Fargo CEO John Stumpf addressed cuts to his company’s mortgage operations during an interview with the Observer earlier this month. Among other factors, Stumpf said the bank has been reducing mortgage staffing as it has worked through a backlog of problematic home loans, many of which are mortgages that went bad in the housing crisis.
Wells Fargo says it employs about 23,600 in the Charlotte metropolitan area, the bank’s biggest employment hub.