Wells Fargo to shut down Parkland Servicing site in late July; eliminate 1,000 jobs

MILWAUKEE (WITI) -- Wells Fargo on Wednesday, March 25th announced it is closing its home lending services office in Milwaukee, laying off 1,000 employees.

Wells Fargo will close the Parkland Servicing site in late July due to "shifting customer needs and market dynamics," the company said in a press release.

"As the economy has improved over the last two years, we have seen steady declines in delinquencies and fewer customers needing extra assistance to remain in their homes," Wells Fargo said. "Any decision to reduce our workforce is difficult and made with great concern for the team members who are affected. We made this announcement today so our team members will have several months to plan for this change."

This decision has no impact on Wells Fargo’s banking stores and their other lines of business such as Business and Commercial Banking, and wealth management and brokerage that operate and serve customers in Milwaukee.