Wells Fargo & Co., the fourth-largest U.S. bank by assets, said it will cut 1,000 jobs and close its home-lending servicing office in Milwaukee, Wisconsin.

As the U.S. economy has improved over the last two years, the bank has received fewer delinquent payments and fewer customers have required assistance staying in their homes, the bank said in an email on Wednesday.

Wells Fargo, which will close the office in late July, will inform employees of other job opportunities within the company, the bank said.

Shares of Wells Fargo, which had about 265,000 employees as of Dec. 31, were down about 1 percent at $54.82 in afternoon trading on the New York Stock Exchange.