Wells Fargo is moving a key part of its operations across the border into South Carolina.
The Charlotte Observer reports the California-based bank is moving its mortgage servicing operations from Charlotte to an existing site in Fort Mill. About 350 employees will be involved in the move, but no layoffs are expected. The transition is expected to begin early next year.
Wells Fargo described the move as part of “ongoing efforts to efficiently manage our office space” in a statement to the paper.
The bank said it will continue to have other mortgage operations in Charlotte and the surrounding area. Wells Fargo is one of the region’s largest employers with more than 23,000 workers.
Mortgage servicing operations have been victims of layoffs for the past year as rising interest rates have resulted in fewer customers refinancing their loans. The company announced 132 layoffs at its mortgage division in October.