Closure of Edward Jones Mortgage Affects 210 MN Jobs
Wells Fargo is closing Edwards Jones Mortgage, LLC, in St. Louis Park, a move that will affect roughly 210 local jobs.
Edwards Jones Mortgage, a joint venture between San Francisco-based Wells Fargo and St. Louis-based investment firm Edward Jones, will close April 12, a Wells Fargo spokeswoman said Wednesday.
“After careful analysis of marketing conditions and the impact of the regulatory environment on business, Wells Fargo decided to dissolve several of its joint venture alliances, including Edward Jones Mortgage, LLC,” the company said in an e-mailed statement. Wells Fargo’s “joint ventures” are partnerships between Wells Fargo Home Mortgage and third-party companies that are licensed to originate, process, and fund mortgage loans.
A Wells Fargo spokeswoman declined to comment on whether the closures of any other joint ventures, most of which occurred during the second half of last year, had an impact on local jobs.
Wells Fargo said that it is working with those affected by the closure of Edwards Jones Mortgage “to help them find opportunities to apply for jobs within Wells Fargo.”
Edward Jones Mortgage ceased offering mortgages on January 11, following changes related to joint ventures in the federal Dodd–Frank Wall Street Reform and Consumer Protection Act, according to a report by the St. Louis Post-Dispatch.