Wells Fargo Bank N.A. has notified the state that it plans to close its wealth management call center in Menomonee Falls and lay off 46 employees.
The Wealth Investment Management Investment Contact Center is located at 100 Heritage Reserve in Menomonee Falls. The company plans to outsource the center’s work to an outside vendor to “reduce expenses and improve operational efficiency.”
The company informed employees May 30 and layoffs are expected to begin Oct. 1. Wells Fargo said it will work to find open positions for some employees within the company, and will provide paid leave benefits based on years of service.
“Team member reductions are never easy for either the team member or for Wells Fargo,” the company said in its notice to the state. “We will make every effort to minimize the impact and ease the transition for our affected team members.”
About 400 employees of Wells Fargo Asset Management will continue to work at the Menomonee Falls office.