Wells Fargo said Thursday that it was eliminating 16 mortgage positions in Charlotte and Fort Mill, S.C., citing market conditions for its latest round of job cuts.
The San Francisco-based bank said the staffing changes came as delinquent loans continue to fall and the demand for home loans shows only modest improvement.
The displaced employees will continue to receive pay and benefits through July 16, the bank said.
Wells said it will look for other opportunities for the employees within the company. They may also be eligible for separation pay.
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“The decision to reduce our workforce is made with great concern for the team members who are affected,” the bank said in a statement.
The cuts are just the latest in Wells’ mortgage operation. Last month, it said it was laying off nearly 100 in Fort Mill.
On Thursday, the Observer also reported that cuts were possible as part of changes in the bank’s technology operations, according to documents sent to employees.
In the Charlotte area, Wells employs about 23,600 across multiple business lines, making the region its largest employment hub.