Wells Fargo Lays off 164 Employees in the Carolinas

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Wells Fargo confirmed Wednesday it is laying off 34 employees in North Carolina and 130 in South Carolina. 

Wells Fargo notified 127 employees who work in its Fort Mill, SC office along with 5 employees in Charlotte of their decision. A total of 490 employees were laid off across the country. The company already notified people who will lose their jobs. They're eligible to get their salary and benefits through mid-December.

A spokesperson says Wells Fargo is laying off the employees because of changes to the market such as lower demand for mortgage financing, and improvements in delinquency and foreclosure rates.