DES MOINES, Iowa- Wells Fargo Home Lending is cutting 400-employees in Iowa. Wells Fargo announced in September it would be cutting about 1,000 employees across the country. The cuts are to take effect early next year.
Wells Fargo says most of the cuts in Des Moines are in "insurance/investor claims and default accounts payable groups. The company says volume of claims is down 70-percent in the last two years.
"This very difficult decision was made following much thought and careful consideration,” Steve Carlson, Vice President of Corporate Communications for Wells Fargo said in a press release issued Thursday morning, “It in no way reflects the quality or performance of these team members. The team members affected by these changes have each been an essential part of our success.”