Financial services company Equiniti trimmed its Mendota Heights office by 22 employees over the past year as the business scaled down local headcount and realigned some operations outside Minnesota.
The U.K. company, whose head U.S. office is in New York, issued its latest permanent layoff notice Oct. 24 to take effect Jan. 16. It covers a single employee who works in the Mendota Heights office as well as 10 remote employees who report up to the Minnesota office.
Company spokesman Cole Ledford said in a statement the moves are part of a long-term company strategy as Equiniti invests in technology and data capabilities “to support the evolving needs of our customers and their shareholders.”
“We recognize that these changes impact people and we are committed to treating our colleagues with professionalism and respect throughout this process,” he said.
Equiniti offers shareholder, retirement and remediation services. It acts as a transfer agent, maintaining financial records, facilitating transactions and issuing payments to shareholders. Its workforce moves come as the financial services industry faces continued consolidation and pressure to automate and digitize processes.
The U.K. company bought its Minnesota shareowner services business from Wells Fargo in 2018. Equiniti paid $227 million for the operation, which came with more than 400 Wells Fargo employees.
Equiniti cut Mendota Heights staff three other times since September 2024.
Last year, the company announced layoffs of 55 customer service employees in multiple states, including four Minnesotans at the Mendota Heights office. The company moved those operations overseas.
