Wells Fargo has confirmed that it will be cutting roles as it closes the business payroll department at its Bloomington office.
Some 200 roles will be cut in the move by the banking giant. Those affected have been told they can apply for other positions in the company for which they're qualified, otherwise they'll be offered help finding new jobs.
The layoffs will start on May 24, with impacted workers getting severance based on years of service, and will be allowed to temporarily stay on the company's health plan.
It comes as Wells Fargo shuts down its Business Payroll Services department, after reaching an agreement to transition its payroll clients to HR and payroll company ADP.
Part of the agreement also states that any current or future customer inquiries about Wells Fargo payroll services will be automatically referred to ADP, but the deal did not include the transition of any of Wells Fargo's payroll employees.
"We believe this transition will be beneficial for our customers and stakeholders and help us to continue our important work of helping businesses run, grow and succeed," a company spokesman said in a statement to BMTN.
The company is one of the largest private employers in Minnesota, employing 16,000 people in the Twin Cities and a further 2,000 outside the metro area.
Wells Fargo occupies office space at the United Bankers' Bank building on West 82nd Street.