Wells Fargo notified state officials that it will eliminate about 200 jobs at an office in Bloomington from which it provides payroll services to businesses.
The company said Wednesday it is closing the operation after agreeing to transition its customers to a similar service provided by ADP Inc. Wells Fargo also agreed to refer future customers to business payroll services of ADP.
With the change, layoffs will begin on May 24.
Wells Fargo said it expects employees will accept paid leave benefits based on years of service and will stay on the company's health plan for an unspecified amount of time. It said it will consider the employees for open jobs in the company and provide outplacement assistance to those who leave.
The San Francisco-based company is one of the largest employers in the Twin Cities with sizable offices in Minneapolis, Golden Valley and smaller offices and bank branches throughout the region. It has 16,000 employees in the metro area and another 2,000 throughout the state.