Wells Fargo closing home-equity operations in Philadelphia and Reading

In Wells Fargo & Co.'s first significant Philadelphia-area cutbacks since buying Wachovia Corp. in 2008, the bank is closing home-equity operations in Center City and Reading that employ 274.

"This is a question of looking at redundant operations," Wachovia spokeswoman Barbara Nate said Tuesday.

The Reading facility, with 93 employees, according a Pennsylvania Department of Labor layoff notice, underwrites home-equity loans and is closing Friday. The Center City operation handles collections and employs 181. It is expected to close by the end of the year, Nate said. Wells Fargo, which is based in San Francisco, already has operations that handles both functions.

Thirty of the people affected by the closures have found new jobs within Wachovia, and the company is hoping to find work for many more, Nate said. Those who do not find new jobs within the company will receive severance and help in seeking other employment.

Wachovia employs 6,000 in the region and is planning to hire 500 here by the end of the year for jobs in branches and for support positions, Nate said.

At the end of June, Wachovia had the most branches in the eight-county Philadelphia region, with 188, and the most deposits, with $29.9 billion, according to federal banking data.