One of York County’s top employers announced it will cut 250 jobs because of changing conditions in the housing market.
Wells Fargo Home Mortgage, which moved a service center to Fort Mill in 2002, said in a news release this afternoon it would eliminate the positions. The company employs about 2,000 people in York County, making it one of the county’s top three employers.
Cooling market conditions caused the company to tighten its credit policy for so-called nonprime loans — mortgage lending through third-party brokers. That directly impacted staffing levels, the news release said.
“In the Fort Mill area, we employ approximately 2,000 people and have 200 open positions into which some of the affected team members will transition. Other opportunities exist across the broader Wells Fargo organization, as well,” it said.
“Approximately 250 positions will be eliminated as a result of the credit policy change. Wells Fargo is committed to treating team members respectfully. Hiring managers will give special consideration to internal job seekers who want to stay with Wells Fargo. Affected team members also receive a 60-day notice, and are offered separation benefits that include insurance and salary continuation based on years of service with the company.”