Wells Fargo & Co. today announced it will close its Parkland Servicing office in Milwaukee and lay off the 1,000 employees who work there.
The home lending service center is located at 11200 W. Parkland Ave. in Milwaukee.
The employees were informed today, and the layoffs will occur in late July. The exact timing will be shared with employees in late May, said Tom Goyda, vice president of consumer lending communications.
San Francisco-based Wells Fargo attributed the closure to “shifting customer needs and market dynamics.” The company said as the economy has improved, delinquencies have declined and it has received less demand from customers who need assistance remaining in their homes.
“Any decision to reduce our workforce is difficult and made with great concern for the team members who are affected,” the company said in a statement. “We made this announcement today so our team members will have several months to plan for this change. The team members affected by these changes have each been an essential part of our success. We will do everything we can to make them aware of other job opportunities within Wells Fargo, and support them as they consider the next phase of their careers. In the meantime, we remain committed to helping customers purchase or refinance their homes and offering solutions for borrowers with financial hardship who need assistance.“
The company said the closure will not impact its other Milwaukee market operations, which include business and commercial banking, wealth management and brokerage.