Wells Fargo closing 450 branches by 2019
More bad news for the bankers. According to this Dispatch report Wells Fargo will be closing 450 branches by 2019.
Wells Fargo & Co. on Thursday laid out plans to close additional branches and offer more digital tools — all part of a push to trim $2 billion in costs while trying to keep customers and attract new ones.
Speaking to investment analysts at the bank’s investor day conference in San Francisco, executives said they plan to close 450 branches by the end of 2018 — 50 more than the bank had announced earlier this year — with the potential for more in 2019.
Wells Fargo has 14 area facilities in Rock Island, Moline, Davenport, Bettendorf, Geneseo, Atkinson and Woodhull.
We continue to evaluate our branch network, and base our physical distribution strategy on customer behavior, market factors, economic trends and competitor actions,” said Staci Schiller, a spokesperson for Wells Fargo. “While branches continue to be important in serving our customers’ needs, our investment in digital capabilities has enabled us to seamlessly serve our customers across channels and provide choice in how they bank with us.
“Through April of this year, we’ve closed 48 branches and are on pace to close 200 by year-end,” she said. “Next year, we expect the pace of branch closures to increase to around 250.
“At this time, we cannot provide details on specific locations; however, many of the closures this year will be in close proximity to another branch,” Ms. Schiller said. “Therefore, we don’t expect a significant revenue or team member impact.”