The Twin Cities is not immune to the hundreds of job cuts announced by major bank Wells Fargo on Thursday.
The San-Francisco-based bank confirmed it would be shedding 581 roles in its mortgage teams, which are the result of "continuing market changes."
Of the 581 layoffs, 40 are in the Twin Cities, the company confirmed to BringMeTheNews.
The "market changes" that have led to the job cuts is mainly the fact that more people are keeping up with their mortgage payments, resulting in less mortgage delinquency and foreclosures, cutting down the workload for lenders.
At the same time, the bank says demand for new mortgages has only seen "modest" improvements.
The jobs being cut in Twin Cities are falling in the bank's distributed sales, servicing and fulfillment departments.
"Across the country, we notified 581 mortgage team members and provided them with 60-day notice," a company spokesperson said. "We are committed to retaining as many team members as we can and where possible we are working to identify other opportunities within Wells Fargo for affected team members."
The Business Journal says Wells Fargo is Minnesota's largest bank by deposits and the 10th-largest employer in the state.
On Tuesday, a Minneapolis Downtown Council event heard Wells Fargo is the 2nd largest downtown employer, with 7,000 staff in Minneapolis working in about 14 buildings.
It is in the process of building a new, $300 million office complex near U.S. Bank Stadium, dubbed "Wells Fargo Towers," which is due to open in May or June of this year.