Wells Fargo announced Thursday that it is cutting nearly 500 positions in the Birmingham area. The cuts are coming from the company's home mortgage team.
The bank said it notified 468 servicing members at its Homewood location that there positions are being eliminated because fewer home loan customers are in need of payment assistance or are facing the potential for foreclosure.
Another 13 positions are being eliminated nationwide, the company said.
Those affected are being given a 60-day notice and will be given full pay and benefits during that time. There may also be severance pay in some cases.
Company officials said job counseling and other support will also be offered.
Birmingham is the headquarters of Wells Fargo's Mid-South Region
and is a major employment center for the company.