Wells Fargo is laying off nearly 500 workers from its mortgage servicing team in the Birmingham area.
Bank officials said in a statement Thursday that 468 mortgage servicing employees in Homewood are being laid off because fewer home loan customers need payment assistance or are facing foreclosure.
Officials say impacted employees are being given a 60-day notice and may be eligible for severance pay depending on how long they've been with the company. Wells Fargo officials say the bank is also providing employees with job counseling and will work to find other opportunities within the company for the laid off employees.
The Birmingham-area layoffs are part of a total 481 positions that are being eliminated nationwide. Birmingham is the headquarters of the bank's mid-south region.