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Wells Fargo closes another 26 branches nationwide

Wells Fargo closes another 26 branches nationwide

  • Updated
Earns Wells Fargo

In this July 10, 2019, photo a Wells Fargo building is shown in downtown Minneapolis. 

Wells Fargo & Co. continues to accelerate its branch-closing strategy with another 26 locations in early October, according to a report disclosed Friday by its federal regulator.

The U.S. Comptroller of the Currency reported the closing in its weekly branch transaction report.

The branches, none in North Carolina, were closed effective Oct. 5.

There were six branches shuttered in Virginia, along with five in Texas, two each in Colorado and Pennsylvania, and one each in Alabama, California, Connecticut, Georgia, Idaho, Minnesota, New Jersey, New Mexico, Oregon, South Carolina and Wisconsin.

Wells Fargo closed another 45 branches, effective as of Sept. 30. Arizona took the brunt of those closings at 14, followed by eight in Florida and six in California.

On Sept. 18, the bank said it closed 21 branches. On Sept. 2, the bank closed 27 branches, including its 3305 Battleground Ave. location in Greensboro. On Aug. 4, Wells Fargo closed 21 branches. On July 21, it said it was eliminating another 21 branches, including one in Cary.

Wells Fargo has announced plans to close up to 900 branches from 2018 to 2022 to reduce the total to between 5,000 and 5,100. The bank had 5,229 branches as of Sept. 30, down 77 from June 30.

Wells Fargo has about 2,900 local employees, part of the 3,600 in its 32-county Triad West region, and 25,100 in Charlotte.

On July 15, chief executive Charlie Scharf laid out a goal of cutting $10 billion, or nearly 20%, in annual expenses that is likely include a significant reduction to its workforce of 276,000 at that time. It eliminated a net 1,100 jobs during the third quarter.

The company took $718 million in restructuring charges related to severance expenses during the third quarter.

Scharf said Wednesday the bank is evaluating how to further reduce its real-estate portfolio, similar in nature to what Truist Financial Corp. has been doing recently.

"We need to be thorough in our work in three areas," Scharf said.

"The magnitude and timing of the initiatives; where we think we need to invest to drive improved operational and financial performance; and, most importantly, understanding the investments necessary to complete the build-out of our risk control infrastructure, which will ultimately satisfy our regulatory commitments.



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