Wells Fargo Bank, N.A., has warned more than 100 employees in an operating unit of a San Bernardino, California, office of its intention to eliminate their staff positions in January.
The layoff notice, made to comply with the federal Workers Adjustment and Retraining Notification Act, was presented to 122 workers in the Wells Fargo Home Mortgage Servicing division, Wells Fargo spokesman Gary Kishner said late Wednesday afternoon.
Their separation date is Jan. 17, 2016, he said.
Staffing affected by the notice in the Wells Fargo office at 1003 E. Briar Dr., San Bernardino, work in asset management and preservation, Kishner said.
The staff reduction is the result of continuing market changes, including improvements in delinquency and foreclosure rates and reduced consumer demand for mortgage financing, he said.
Foreclosure activity has fallen to pre-recession levels in recent months, and the volume of foreclosure-related filings to take back property in mortgage distress has fallen below 2,000 in the Inland region.
At the height of foreclosure, it was not uncommon for the filings to be in the tens of thousands.
Wells Fargo said the San Bernardino office is the only one affected in the greater Los Angeles region.
Kishner said the company plans to work to retain as many individuals who were given the reduction-in-force notice by identifying other positions within Wells Fargo, where possible.
A salary continuation plan, based on years of service, may be extended if Wells Fargo is unable to place the workers in another position within the company, he said. The company declined to discuss those severance terms.
The WARN act requires employers to provide notice 60 days in advance of covered plant closings and covered mass layoffs.
In July 2010, Wells Fargo & Co. announced plans to cut 3,800 positions to restructure its consumer finance unit and close 638 independent consumer financing offices. In 2013, Wells Fargo announced plans to eliminate 700 more jobs from the mortgage business, a decision that affected about 100 workers in three waves.
